In Canada, the crypto currency exchange is obliged to register and report transactions worth more than CAD $10000

Canadian authorities ordered the cryptocurrency exchanges to register with the Center for the analysis of financial transactions and reporting (FinTRAC). New regulations were published as amendments to the law on combating money laundering and financing of terrorism on the website of the government of the country.

In particular, now all bitcoin exchange are classified as service providers in the sphere of money transfers must be registered with FinTRAC and are required to abide by the rules of KYC/AML. This applies to both local and international platforms.

To date, the adherence to these rules was voluntary.

At the same time, the platform will have to identify the senders and to report to the regulator all the details of the transfer exceeds the sum of 10 thousand canadian dollars (about $7646 at the exchange rate at the time of writing).

The new rules will come into force from June 1 next year.

We will remind, in June the mayor of Vancouver is supported by local police, who called the terminals for the exchange of cryptocurrency «the perfect tool for money laundering», proposing to ban their installation and operation in the third largest city in Canada.


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