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HomeNewsCrypto Firms In Canada Now Regulated Under FINTRAC As Money Service Businesses

Crypto Firms In Canada Now Regulated Under FINTRAC As Money Service Businesses

According to the new amendment, crypto companies will be guided by the regulations of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and will have to register with the agency. In addition to this, cryptocurrency firms operating in Canada will have to keep records of these transactions, and also scan and report all transactions over $10,000 CAD ($7,403 USD) to the agency.

However, Pouliot adds that the financial limit of $10,000 is a problem and could significantly affect crypto businesses in the country. According to his tweet:

“The main thing that prevents me from calling this a decisive victory is the requirement to report all transactions over $10,000 threshold, which applies also to physical cash but doesn’t apply to bank transactions. I feel guilty for not fighting this discrimination hard enough.”

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