Canada Created New Cryptocurrency Regulations to Counteract Theft and Money Laundering

canada cryptocurrency

Canadian authorities are now taking decisive steps to eliminate cryptocurrency crimes in the country. The Canada Gazette has recently made a publication which contained info on the new laws which all the projects working with cryptocurrencies will have to adhere to.

Although, the rules are still in a draft version, they are not likely to be altered drastically. The government has high hopes that this act will help to improve the existing flaws in the sphere. The most attention will be devoted to the regime of AML and ATF (Anti-Money Laundering and Anti-Terrorist Financing).

According to the Canadian blockchain expert, Francis Pouliot, the KYС system will undergo some changes, namely:

He also added that under the above-mentioned regulations, cryptocurrency exchanges will be considered money service businesses.

All of this has been encouraged by the Canadian Financial Action Task Force, the main goal of which is to fight money theft. Such cases, especially the ones involving cryptocurrencies, have become more numerous. For example, hackers have recently broken into 2 Canadian banks demanding $1 million in XRP tokens for the private information of the users.

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