New cryptocurrency rules go into effect in Canada

Cryptocurrency companies in Canada are now assigned to companies that provide money transfer services and must be registered with the Financial Transaction Analysis and Reporting Center (FINTRAC). Amendments to national law entered into force this week.

According to the changes, conducting operations with digital assets in an amount exceeding 10 thousand Canadian dollars obliges to keep records and tighten identification requirements. It is worth noting that most companies still follow these rules, since payment partners require payment partners to enter data.

Francis Pulio, head of Canada’s Bullbitcoin-based crypto platform, wrote on his social network: “I have been actively involved in this process since 2014, working with the Ministry of Finance and FINTRAC. From the very beginning, we believed that bitcoin is money, so the asset should be regulated, like other means of calculation, no more and no less. ”

We add that in January of the current Canadian Securities Administrators (CSA) published a document according to which most crypto sites must comply with securities laws.