Cryptocurrency firms now legally recognized as money service businesses in Canada

posted about 1 month ago
Cryptocurrency exchanges and payment processors are now legally recognized as Money Service Businesses (MSB) within Canada, as of June 1st 2020. Canadian crypto firms must now report all transactions exceeding 10,000 Canadian dollars ($7,403), and register and comply with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

On May 29th, the CEO of Canadian crypto asset exchange BullBitcoin, Francis Pouliot, tweeted: “Today is my last day as an unregulated dealer in virtual currency. As of June 1, 2020, Bitcoin exchanges and payment processors are officially regulated as Money Services Businesses in Canada.” He went on to say, regarding speaking with the Candian government “Our stance never changed: Bitcoin is money, it should be regulated like other money, no more no less.” Pouliot notes that the new regulations will predominantly affect cash-based businesses such as Bitcoin ATM operators.
Tags: blockchain, bitcoin, news