Canadian crowdfunding platforms and crypto payment providers must register with FINTRAC and report large suspicious transactions

time:2022-02-15 06:30 source:Internet

On February 14, Canadian Prime Minister Justin Trudeau invoked the country's Emergency Act for the first time in response to ongoing lockdown restrictions in response to COVID-19. Under the act, crowdfunding platforms and their associated payment service providers, including cryptocurrencies, must now register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). It is unclear whether the emergency bill will have a long-term impact on crypto payment providers. The federal government is expanding anti-money laundering and counter-terrorism financing rules to cover the crowdfunding platforms and payment providers they use, Finance Minister Chrystia Freeland said on Monday. “These changes cover all forms of transactions, including digital assets such as cryptocurrencies.” Starting Monday, all crowdfunding platforms and related payment providers must also report large and suspicious transactions to the country’s financial regulator, as banks are obliged to do so. .

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