According to a notice published yesterday by the government of Canada, all crypto trading platforms that operate in the country must be registered with the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC) from 1 June 2020.
This regulation will come into force in the country's legislation next year together with another series of amendments to the anti-money laundering (AML) laws.
In addition, all cryptocurrency trading platforms that offer their services in the country shall implement know your customer policies and report to the authorities on any suspicious transactions. In order to do so, they will be required to keep an up-to-date record of their clients' transactions.
Some trading platforms in the country have been implementing these measures for a long time, however, this is no longer optional.
The purpose of these measures is reportedly to get the country's banks to cooperate with crypto exchanges.
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