The government of Canada introduced the draft legislative act specifying regulatory measures against cryptocurrency exchanges and payment providers. On it informs edition of the Canada Gazette.
According to the document, enhanced measures due to the need to eliminate “a number of weaknesses” identified by the experts Group of development of financial measures for combating money laundering (FATF) in 2015-2016. We are talking about the need to bring the Order to combat money laundering and terrorist financing (AML/ATF) of Canada in accordance with a single global concept.
The new rules provide that cryptocurrency exchanges and payment processors will relate to the financial services providers that oblige them to report on major transactions worth more than CAD 10,000 ($7700 USD), as well as establish a threshold for the effects of the provisions of the system “Know your customer” (KYC) — transaction amount is $1000 CAD ($770 USD).
“New requirements: “Accounting of major transactions in virtual currencies” means that the business representatives will have to request and store the details of every transaction over $10 000, as in the case of reports on large cash transactions. This could be extremely difficult and it is an aggressive measure. I’m going to object,” he wrote on Twitter Francis Puglia (Francis Pouliot), co-founder of the Montreal Catallaxy consulting company specializing in the blockchain.
It should be noted that the FATF is an intergovernmental organization, which develops the recommendation is not legally binding. In addition, according to the analysis of costs and benefits set out in the document, the new rules will require investments of about $61 million CAD, or $47 million USD in the sector over the next 10 years.
However, from the point of view of the legislators of Canada, the introduction of new regulatory measures will have a positive impact on the credibility of the state in the international arena, contributing to a more effective canadian business on the international level.
Recall that on 8 June it became known that the government of Quebec introduced a temporary moratorium on approval of new mining projects.
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