New Crypto Regulations Is Released by the Canadian Government

perfect available news I'm Edward right now we're taking with the Canada and the new regulations their government is looking at implementing in the world of cryptocurrency the new regulations aim to protect against money laundering and terrorism all based on recommendations gathered from a task force back in 2015 and 2016 the new regulation if put into effect will reclassify all businesses that are involved with virtual currency as money service businesses otherwise known as MSBs Canada considers MSBs to be businesses that deal with money but are not official chartered banks according to the Canadian Gazette the proposed change is as follows persons and entities that are dealing in virtual currency would be financial entities or other entities deemed domestic or foreign MSBs as the case may be 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 implement a full compliance program and register with FINTRAC in addition all reporting entities that receive $10,000 or more in virtual currency would have record-keeping and reporting obligations FINTRAC stands for financial transactions and reports analysis center of canada this body requires businesses to have complete no your client and anti-money laundering procedures as well as reporting any suspicious activity on their respective platform as soon as it may surface under the new no your client rules there will be another significant change so far as reporting transactions at the moment crypto businesses are all required to report transactions over 10,000 Canadian dollars with the new regulations this number will drop to a mere 1000 Canadian dollars which is around 770 American this means that any transaction over this amount will not be allowed unless the parties involved by their full name address telephone number date of birth and occupation as one would imagine this is not going over well in the Canadian crypto community only time will tell to see if these all's get through the Canadian Parliament for crypto global news I'm Edward until next time you take care

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