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Crypto exchanges in Canada to report transactions over 10 000 CAD

Jun 14 2018
By
Forexbrokerz.com

The Canadian government has released an official draft of new regulations on crypto exchanges aimed at strengthening Canada’s anti-money laundering regime. The full text of the proposed legislation is published in the Canada Gazette.

 

Under the proposed rules crypto exchanges and payment processors will be treated as money service businesses (MSB), which requires them to report large transactions — over 10,000 Canadian dollars (7700 USD). There is also a new Know Your Customer (KYC) threshold set for transactions over 1000 Canadian dollars.

 

On top of that companies will have to keep detailed records of users, inform the government about suspicious activities, undergo a risk assessment and be open for audits.

 

The proposed legislation will be reviewed for a period of 90 days, before the Canadian Department of Finance drafts a final version. Once the rules are voted there will be a 12 month transition period for compliance.  The regulations are expected to cost businesses some 60 mln. Canadian dollars over the next 10 years.

 

According industry analysts, cited by Bitcoinmagazine, the new rules will lead to consolidation of the market, meaning many blockchain companies will simply have to merge. The regulations however will give the Canadian crypto exchanges an easier access to the international markets. Here you can check our list of Bitcoin exchanges in Canada: 

 

Canadian Bitcoin Exchanges

 

Still, we should note that as the crypto market is still relatively young and largely unregulated, investing with crypto exchanges comes with some risk. Here however you may chek our list of brokers offering CFDs on Bitcoin and other crypto currencies:

 

Regulated brokers offering Bitcoin trading

 

TAGS: cryptocurrency  bitcoin  bitcoin exchange  canada 

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