Canada Released the Bill for Regulation of Crypto-Exchange

The Canadian government has issued an official bill that will regulate crypto-exchange exchanges and payment systems.

According to the draft, the new rules are aimed at eliminating "some of the shortcomings" that the Financial Action Task Force (FATF) described after their evaluation in 2015-16. Namely, in strengthening the Canadian regime to combat money laundering and terrorist financing.

The new rules will handle crypto-exchange exchanges and payment processors as money service companies (MSBs). This requires them to report on large transactions - more than 10,000 Canadian dollars ($ 7,700) and a new requirement for "Know Your Customer" (KYC), established with transactions from 1000 CAD (770 US dollars).

Francis Puliot, co-founder of the consulting firm Catallaxy, based in Montreal, wrote his opinion on the new bill:

"Crypto-currency exchanges trading virtual currencies to request and store information about each transaction in more than 10,000 dollars, for example, reports on transactions with large amounts of money. It will be extremely difficult and invasive to implement. I will object to this. "

What is this policy?

FATF is an intergovernmental organization that develops policies to combat money laundering. This policy is not legally binding under the draft, Canada believes that the implementation of these rules will have a positive impact on the country's international reputation.