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ARTICLE · 02 AUGUST 2019

Enhanced Disclosure For Virtual Currency Will Soon Be Mandatory In Canada

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The federal government recently confirmed that oversight measures designed to reduce money laundering will soon be mandatory for all virtual currency dealers offering services in Canada

CanadaTechnology
Shaela W. Rae
Shaela W. Rae
Mandy Van Waes
Mandy Van Waes
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The federal government recently confirmed that oversight measures designed to reduce money laundering will soon be mandatory for all virtual currency dealers offering services in Canada. This confirmation is timely, considering the recent release of the joint CSA/IIROC Consultation Paper, wherein the Canadian securities regulators put forth a proposed regulatory framework for crypto-asset exchanges.

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Starting June 1, 2020, virtual currency dealers will be required to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), keep records of major transactions, verify the identification of clients, and report any suspicious transactions. Many major virtual currency dealers have already been voluntarily complying with these requirements.

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