Anna Martynova

FINTRAC, Financial Transactions and Reports Analysis Centre of Canada, tightens digital asset regulation, the new rules come into force on June 1, 2020. Exchanges should pay particular attention to the KYC procedure. The regulator proposes to tighten control over cryptocurrency companies and digital asset transactions.

Under the new rules, if a company’s crypto business is more than CAD 10,000, it must be registered as a money service business. When the transaction is more than CAD 1,000, companies must provide the name of the sender and recipient, their addresses, date of birth, contact phone number and the name of the transaction cryptocurrency. In the case of larger transactions, the list of provided information must be extended.

Amendments to the regulation of virtual currency are Canada’s reaction to the FATF recommendations. In a March report, FINTRAC stated that the overall legislative and political structure should serve Canada’s interests, while at the same time following international guidelines.

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