Canadian Bitcoin and cryptocurrency companies officially recognized as legitimate business

Cryptocurrency exchanges and payment processors are now legally recognized as providing "Money Service Business (MSB)" financial services companies in Canada. On June 1, amendments were made to the Canada Crime (Money Laundering) Income Act and the Terrorist Financing Act, which were adopted in June 2019 ...

In order to remove holes and errors in the then existing framework. Canadian cryptocurrency companies are now required to report all transactions in excess of Canadian $ 10,000 ($ 7,403) and record and comply with the laws of the Canadian Transaction Analysis and Reporting Center. The new regulations will primarily affect cash companies such as Bitcoin operators, most companies operating Bitcoin have already introduced the KYC obligation because they were required to do so by their banking partners or payment processors. The rest of the companies will also take appropriate steps and introduce KYC and AML obligations in the near future.