The Federal Government of Canada recently published amendments
to the Proceeds of Crime (Money Laundering) and Terrorist
Financing Act (the "Act"),
revealing changes that will affect Canadian cryptocurrency exchange
operations as of June 1, 2020 (the
"Amendments").
The Amendments are part of Canadian regulators' overall
efforts to address the novel features and risks posed by the
emerging cryptocurrency sector. The Canadian Securities
Administrator (CSA) recently released its 20192022 business plan,
outlining that they would consider developing a regulatory regime
for crypto assets and cryptocurrency trading platforms over the
next three years. For more information on that initiative, see our
June 18, 2019 Update,
Canadian Securities Administrator to Consider Regulatory Framework
for Crypto Assets.
