Canada has just amended its regulation, so since yesterday, crypto companies are considered as money services businesses.
The amendments to the current legislation were first published by the Canadian government back in July last year. From now on, crypto companies offering services to Canadian residents must comply with the requirements of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and register with the agency. Cryptocurrency exchanges and money transfers are subject to this new regulation.
On May 31, Francis Pouliot, founder of the Canadian crypto company Bull Bitcoin and an activist with the Bitcoin Embassy in Canada, said:
"Today is my last day as an unregulated dealer in virtual currency. Full circle 7 years after I started my career in Bitcoin lobbying on this very issue. [The new regulation] is not perfect but it could have been far worse. Our stance never changed: Bitcoin is money, it should be regulated like other money, no more no less."
According to the new version of the regulation, transactions with cryptos worth more than 10,000 Canadian dollars must comply with reporting and identification requirements. Pouliot explained this is the only reason why he does not consider the new amendments to the legislation a "decisive victory."
The Canadian parliament proposed the incorporation of crypto companies into the Anti-Money Laundering and Terrorism Financing Act in 2014.
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