Co-authored by Natasha Vlajnic, 2019 Summer
Student
Expected changes to cryptocurrency regulations in Canada
With the release of updated anti-money laundering regulations
set for mid 2020, businesses engaged in the cryptocurrency &
blockchain world will want to familiarize themselves with the
proposed changes. The Canadian government recently published
amendments to the Proceeds of Crime (Money Laundering) and
Terrorist Financing Act (PCMLTFA), directly affecting
cryptocurrency exchanges and operators.
As of June 1, 2020, all cryptocurrency exchanges in Canada will
be required to register with the Financial Transactions and Reports
Analysis Centre of Canada (FinTRAC), according to a notice
published on July 10, 2019, by the Department of Finance.
Amendments to regulations made under the PCMLTFA will apply to
dealers in virtual currency and foreign Money Services Businesses
(MSBs) that service Canadian customers.
