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Felicia Tan
in
Crypto
June 3 21:45

Canada has legalized bitcoin companies

On June 1, new regulations came into force in Canada, according to which cryptocompanies, both local and foreign, are classified as businesses providing services in the field of remittances. This was reported by Decrypt.
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The corresponding amendments to the legislation were published in July 2019.
The new rules stipulate that companies offering exchange and money transfer services, including those with virtual currencies, must be registered and comply with the Financial Transactions and Reporting Analysis Center (FINTRAC).
The day before the new legislation came into effect, the head of Bullbitcoin, Canada's leading cryptocurrency exchange, and Francis Pulio of the local Bitcoin Embassy, wrote on Twitter that it was his last day as an unregulated virtual currency dealer.
He added that the results of 7 years of lobbying for Bitcoin among Canadian legislators can be considered a huge success.
Under the new requirements, the implementation of more than CAD $10,000 in cryptographic transactions requires reporting and user identification. According to Bullbitcoin, this is the very moment that prevents him from calling the amendments a "decisive victory.
The new rules primarily apply to cryptocompanies that work with fiat money, such as bitcoin terminal operators. According to Pulio, most industry representatives are already following strict customer identification rules, as payment partners require them to do so.