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Canada’s Crowdfunding Platforms and Crypto Payment Providers Must Now Register With FINTRAC
Summary: According to Blockworks, Canada’s federal government has invoked its Emergency Act for the first time, turning the focus on crowdfunding platforms and crypto payment providers linked to them. Under the act, crowdfunding platforms and payment services providers linked to them, including crypto, must now register with the Financial Transactions and Reports Analysis Centre of Canada ...
According to Blockworks, Canada’s federal government has invoked its Emergency Act for the first time, turning the focus on crowdfunding platforms and crypto payment providers linked to them.
Under the act, crowdfunding platforms and payment services providers linked to them, including crypto, must now register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). It is unclear at this stage whether the emergency act will impact crypto payment providers in the long term.
Finance Minister Chrystia Freeland said Monday the federal government was broadening anti-money laundering and terror-financing rules to cover crowdfunding platforms and payment providers they use. As of Monday, all crowdfunding platforms and accompanying payment providers must also report large and suspicious transactions to the country’s financial regulator in the same way banks are obligated, Freeland said.
By Amy Liu
Tags: Canada,Crypto,FinTRAC
Link: Canada’s Crowdfunding Platforms and Crypto Payment Providers Must Now Register With FINTRAC [Copy]
