Regulatory Rules of Digital Assets Will be Toughened by FINTRAC

FINTRAC is going to present updated regulatory rules of digital assets to counter money-laundering.

According to these rules, what will enter into force since June 1, 2020, exchanges will be required to review their policies in the KYC procedure. FINTRAC offers to toughen supervising activities of cryptocurrency companies and to strengthen a transaction control of digital assets. The companies which turnover is more than $10,000 will be obliged to register as cash operators.

If the sum of the transaction is more than $1,000, such companies must state the sender’s name, the recipient’s name, their addresses, a birth date, a contact phone number and the type of cryptocurrency in which the deal is. As for the transactions with a larger sum, the regulator will demand to provide more detailed information.

FINTRAC thinks that rules issued by FATF concerning the AML and the CFT procedures aren’t scrupulous enough. That’s why it’s necessary to set a new “threshold” for the firms, working with digital assets. Moreover, in a regulator’s opinion, updated regulatory rules must act not only in Canada’s interest but also in other jurisdictions. We recall that this January CSA has published the manual. According to the manual, Canadian exchanges will put under the national laws about stocks in case they work with crypto-assets, which are stocks and derivatives.

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