Canada releases document on regulation for cryptocurrencies

0
65

The European continent has one of the most cryptocurrency friendly countries. It has been known for many successful stories of many ICOs that have developed into multinatioinal companies thanks to the support of their countries.

On the other side of the pond we have Canada. It is a country mixed with many nationalities and it is a very promising ground for the future of the crypto world. But as many governments when it comes to regulation, they have the last word.

The government of Canada has issued a draft document on the new regulations of the payment processors and crypto exchanges.

The document has been made by suggestions that the Financial Action Task Force had outlined right after their 2015-16 evaluation of the Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime.

These new regulations that can be imposed in future will address to crypto exchanges and payment processors as a money serves businesses. This will mean that they would have to report all of the large transactions or more specifically transactions over 10,000 Canadian dollars or 7700 US dollars. There is also going to be a new Know Your Customer (KYC) threshold that will be set at 1000 Canadian dollars or 770 US dollars worth of transactions.

The Financial Action Task Force is a governmental organization that is creating the countries policy in order to combat money laundering. These are not legally binding policy rules, but the government of Canada believes that the rules stated in the draft will have many benefits on the international reputation of the country.