It was decided to regulate the crypto companies operating in Canada under the Money Services Businesses (MSB). Accordingly, companies, including Bitcoin exchanges, now have to comply with regulations and register with FINTRAC, Canada’s financial intelligence unit.
Francis Pouliot, CEO and founder of Canadian-based cryptocurrency company Bull Bitcoin, has confirmed that new regulations have come into force and considered it a gain. Pouliot said, “I think this is a great success when we think about everything. It’s not perfect, but it could have been much worse. Our stance has never changed: Bitcoin is money, it should be regulated like other coins, neither less nor more.
In the Canadian parliament in 2014, it was proposed that Bitcoin companies be included in the Money Laundering and Financing of Terrorism Law. Negotiations have been going on ever since.
Notification obligation for 10 thousand dollars in Bitcoin
With the new regulations, both individuals and companies were notified of notification obligations in all cryptocurrency transactions exceeding 10 thousand Canadian Dollars. According to Pouliot, this is the only obstacle to the changes being considered a “definitive victory”.
Canada was frequently mentioned, especially in events related to crypto money last year. In 2019, QuadrigaCX, the country’s largest cryptocurrency exchange, collapsed and customer assets were lost. It became clear later that the deceased CEO of the stock exchange kept all assets under his control, and nobody knew his private keys except himself.