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.

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