In Canada, cryptobirds are required to register and report transactions worth more than CAD $ 10,000

The Canadian authorities ordered cryptocurrency exchanges to register with the Financial Transaction Analysis and Reporting Center (FinTRAC). The new rules were published as amendments to the law on combating money laundering and terrorist financing on the website of the country's government .

In particular, now all Bitcoin exchanges are classified as money transfer service providers, must be registered with FinTRAC and must comply with the rules of KYC / AML. This applies to both local and foreign platforms.

So far, compliance with these standards has been voluntary.

At the same time, the platforms will have to identify the senders and report to the regulator all the details of the transfer, the amount of which exceeds 10,000 Canadian dollars (about $ 7,646 at the exchange rate at the time of writing).

New rules will come into force on June 1 of the following year.

Recall that in June, the Mayor of Vancouver supported the local police, who called the cryptocurrency exchange terminals “the perfect tool for money laundering,” suggesting that their installation and operation in the third largest city of Canada be completely prohibited.

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