Canada will publish cryptocurrency regulation in 2019

Canadian companies must wait until next year to find out what regulations the authorities will apply

The government of Canada will publish the regulations related to cryptocurrencies and blockchain technology in 2019.

In June, the Canadian authorities launched the preliminary draft of a regulatory framework for cryptocurrency exchange houses and payment processors.

This change, as indicated by a specialized media, is due to the fact that an election campaign is about to start, so the federal government decided to postpone these new measures. Another possible cause is in the response provided by all those close to the ecosystem of cryptoactive, which allegedly has not been very favorable.

When this project comes into effect, the exchange houses and payment processors should be governed by new regulations related to money laundering and financing of terrorism.

On the other hand, entities will be required to register with the Center for the Analysis of Financial Transactions and Reports of Canada (FINTRAC), as well as to report transactions in excess of seven thousand US dollars.

According to a study released by the Central Bank of Canada, the country would have shown an increasing interest in bitcoin and other cryptocurrencies, assuring that up to two million inhabitants manage these digital assets.

K. Tovar

Source: Bitcoinmagazine

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