Canada regulates crypto companies same as those that provide monetary services

Canada regulates crypto companies same as those that provide monetary services

Canada has come up with new regulations in these days that classify crypto companies as companies that provide money services and the situation is again more favorable.

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2 Jun 2020 , 19:25 @ Matey Salt

Canada regulates crypto companies same as those that provide monetary services

Canada has come up with new regulations in these days that classify crypto companies as companies that provide money services and the situation is again more favorable.

Domestic as well foreign companies that want to provide services to Canadian customers will already be officially regulated as Money Services Businesses (MSBs). This implies an obligation to register with the Canadian Financial Intelligence Unit FINTRAC.

Amendments to the law were already published last July, presented by the Canadian government.

The amendment to the law states: “MSBs will now include domestic and foreign businesses that are ‘dealing in virtual currency.’ These ‘dealing in’ activities include virtual currency exchange services and value transfer services,

As required of all MSBs, persons and entities dealing in virtual currencies would need to fulfill all obligations, including implementing a full compliance program and registering with FINTRAC,

Already at that time, Canada had a clear vision of how to regulate the company’s crypto, and almost a year later it came into force.

Read also how the Swiss Capital Markets Association has issued a general standard for storage of Digital assets

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