Canadian crypto exchanges must register with FinTRAC by June 2020

Canada is set to adopt new anti-money laundering laws that will finally bring cryptocurrency activities in the country under the purview of the financial transactions regulator. Among the major changes that the new laws will bring will be the mandatory registration of all crypto exchanges in the country. The exchanges will also be required to enforce strict anti-money laundering (AML) programs and ensure that customers who transact beyond a certain limit can account for the source of their wealth.

The Canadian crypto industry has been relatively lax, especially when it comes to regulations. The government had adopted a wait-and-see approach, but not anymore. According to a notice published on July 10, crypto exchanges will be legally required to register with the Financial Transactions…

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