The Capital
Published in

The Capital

Canada Legalized the Digital Currency Industry

Starting June 1, Canada introduced new regulatory rules. According to the changes, cryptocurrency companies — both local and foreign — belong to the category of companies that provide money transfer services.

Under the new rules, companies that make exchanges and money transfers, including cryptocurrencies, must be registered with the Center for Analysis of Financial Transactions and Reporting (FINTRAC) and comply with its requirements. Also, the implementation of cryptocurrency transactions worth more than CAD 10,000 requires reporting and user identification.

The new rules primarily apply to cryptocurrency companies that work with fiat currencies, for example, bitcoin terminal operators. According to Francis Pulio, an employee of the Canadian Bitcoin Embassy, ​​the majority of industry representatives already comply with strict rules for identifying customers, as payment partners require them.

Author: Marko Vidrih

Featured image credit: Unsplash

--

--

--

A publishing platform for professionals in business, finance, and tech

Recommended from Medium

Crypto Basics: Setting Up Your eWallet

BitCanna Monthly Update — June 2022

Reserve Protocol Community AMA #9

Old Money Finance: The Start of a New Saga

ECDSA is not that bad: two-party signing without Schnorr or BLS

How to Evaluate Cryptocurrency’s Value?

The first STO milestone is German: Bitbond issues the first BaFin approved security token bond

Conceal Network(CCX) Lisiting on ChainX

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Marko Vidrih

Marko Vidrih

Most writers waste tremendous words to say nothing. I’m not one of them.

More from Medium

At Bitcoin 2022, Panelists Identify the Gaps, Uncertainties in Bitcoin Regulations

Is a Bitcoin Bear Market Imminent? 8 Indicators To Watch Closely.

Why Bitcoin Will Fail

Gold, Bitcoin or S&P500? It depends