Canada’s New Cryptocurrency Regulations are Very Concerned with KYC & AML

 In Market News, Technical View
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Canada’s New Cryptocurrency Regulations are Very Concerned with KYC & AML

The government of Canada just recently released a draft on potential regulations concerning both exchanges and payment processors.

The draft itself addresses a number of issues that were made known during a 2015-2016 evaluation by the Financial Action Task Force.

These regulations will end up treating both payment processors and cryptocurrency exchanges as money service businesses. This in turn will require them to report every single transaction over $10,000 CAD. Additionally, it will require every client to submit KYC or identification documents in order to perform transactions over $1000 CAD.

This will end up costing around 60 million CAD over the next decade.

The FATF is currently categorized as an intergovernmental organization. They assist in creating policies that combat money laundering. It’s important to know that these policies are not legally binding; though Canada does believe that the implementation of new regulations when it comes to cryptocurrency might help the country’s international and economic reputation.

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