What are the initial regulations and legal requirements for cryptocurrency businesses in Canada?

1 answers

• Jan 11, 2022 · 3 years ago
  When it comes to the initial regulations and legal requirements for cryptocurrency businesses in Canada, it's important to understand the role of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Cryptocurrency businesses are required to register with FINTRAC as money services businesses (MSBs) and comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). This means implementing robust anti-money laundering (AML) and know-your-customer (KYC) procedures, conducting ongoing monitoring of transactions, and reporting any suspicious activities. Additionally, cryptocurrency businesses may need to comply with securities laws if they offer initial coin offerings (ICOs) or operate as exchanges. Staying compliant with these regulations is crucial for the success and legitimacy of cryptocurrency businesses in Canada.
  877439