Canada has now authorized a change to its financial regulations and fully recognizes cryptocurrency companies, exchange firms, and other related outfits, as official Money Service Businesses (MSB).
According to the new amendment, crypto companies will be guided by the regulations of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and will have to register with the agency. In addition to this, cryptocurrency firms operating in Canada will have to keep records of these transactions, and also scan and report all transactions over $10,000 CAD ($7,403 USD) to the agency.
In a twitter thread, a Canadian crypto exec Francis Pouliot praised the development. Pouliot, who is the founder of crypto firm Bull Bitcoin, celebrated his “last day as an unregulated dealer in virtual currency”, and went on to laud cryptocurrency, specifying Bitcoin.
However, Pouliot adds that the financial limit of $10,000 is a problem and could significantly affect crypto businesses in the country. According to his tweet:
“The main thing that prevents me from calling this a decisive victory is the requirement to report all transactions over $10,000 threshold, which applies also to physical cash but doesn’t apply to bank transactions. I feel guilty for not fighting this discrimination hard enough.”
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