Once the proposed regulations are implemented, every transaction above $10,000 CAD will have to be reported.
Also Read: Bitcoin in Brief Monday: Korean Exchange Hack Takes a Toll on Crypto Markets
Crypto Exchanges to Report as MSBs
The Department of Finance Canada has issued a Regulatory Impact Analysis Statement regarding proposed amendments to the country’s AML/ATF regime.
The statement suggests that Canadian crypto exchanges will be treated as money service businesses (MSBs) and will have to report trades over a certain amount.
Several Canadian exchanges have already taken it upon themselves to voluntarily do so in an effort to remedy regulatory uncertainty, as we recently reported.
And the government concluded that compliance with the proposed rules should cost just $270,112 over a ten-year period.
Canadian bitcoin investors and cryptocurrency traders are going to be subjected to an increased level of market surveillance soon if the government has its way. Once the proposed regulations are implemented, every transaction above $10,000 CAD will have to be reported.
Coinmint, a cloud mining service provider, has confirmed it will go ahead with its proposed plan to open a cryptocurrency mining plant in an abandoned smelter previously used by Alcoa, in Massena, New York.
For cryptocurrency world, there was a harsh bit of stock-taking on hand, as analysts report that nearly 800 of the cryptocurrency launched so far now cease to exist. The survivors of the suicidal survival in cryptocurrencies are Bitcoin, Ripple and Ethereum.
