Advisory

Crypto regulations are coming: Here's how to prepare

Since Bitcoin was first introduced in 2008, the cryptocurrency landscape in Canada has undergone considerable growth and innovation. Yet, its largely unregulated status has also opened the door to the potential for illegal activities, such as money laundering and terrorism. This is something the Department of Finance and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) hopes to end in June 2019, when it will amend its existing anti-money laundering (AML) and anti-terrorist financing (TF) regulations to include new regulatory obligations and guidance for regulated entities, including new regulations for dealers in virtual currencies.

Whether you’ve already taken steps to prepare for these changes—or you’re just starting to turn your attention toward the challenge of regulatory compliance--there are a number of often-overlooked considerations you should be aware of for when the regulations are enacted into law and you become a ‘reporting entity’.

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