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Canadian Cryptocurrency Firms Now Recognized As Money Service Businesses

Ramsey Baker

Summary: Canada is now legally recognizing cryptocurrency exchanges and payment processors as Money Service Businesses (MSB). On Monday, amendments to Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act came into effect, these amendments were passed back in June of 2019 to fix holes in the then-existing framework. Canadian cryptocurrency firms are now required to ...

Canada is now legally recognizing cryptocurrency exchanges and payment processors as Money Service Businesses (MSB).

On Monday, amendments to Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act came into effect, these amendments were passed back in June of 2019 to fix holes in the then-existing framework.

Canadian cryptocurrency firms are now required to report every transaction over 10,000 Canadian dollars ($7,403), and register and meet the standards of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

By Ramsey Baker

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