canada virtual currencies

The Canadian Department of Finance has published wide-ranging draft amendments to regulations made under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act 2018 (PCMLTFA). Companies “dealing in virtual currencies” will be considered MSBs and need to register with FINTRAC. The proposed amendments are subject to a 90-day review period. The final version of the amendments is expected to be published in the fall of 2018, with implementation 12 months later, in the fall of 2019.

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