Canada has legalized the activities of bitcoin companies: what will change


The new rules mainly apply to cryptocurrency companies that operate with fiat currencies.


From 1 June, Canada introduced new regulatory rules. According to the changes, cryptocurrency companies – both local and foreign – belong to the category of companies that provide money transfer services.

Under the new rules, exchange and money transfer companies, including virtual currencies, must be registered with the Center for Analysis of Financial Transactions and Reporting (FinTrac) and comply with their requirements. Furthermore, according to the innovations, the implementation of cryptocurrency transactions of more than CAD 10,000 requires reporting and user identification.

The new rules primarily apply to cryptocurrency companies that operate with flight currencies, for example, bitcoin terminal operators. According to Francis Pulio, an employee of the Canadian bitcoin embassy, ​​the majority of industry representatives already follow strict rules to identify customers, as payment partners require them.

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In May, Ukraine’s Ministry of Digital Transformation proposed a draft law for public discussion on “virtual assets”, according to which the Ministry of Digital Affairs will act as a central executive body that shapes and enforces state policy in the field of cryptocurrency circulation Does. It is reported that the bill was drafted jointly with the inter-factional deputy association Blockchain 4Uken and the blockchain community.

Read: Law on cryptocurrency and financial surveillance: how it will affect the Ukrainian market

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