RE: Bitcoin Companies Now Regulated In Canada
So Canada has now classified Bitcoin companies as”Money Services Businesses” or “MSB’s” for short:
Bitcoin companies are now regulated in Canada
- Companies that deal with Bitcoin are now officially regulated in Canada.
- Firms and individuals are also required to report all transactions that exceed 10,000 CAD.
- It reportedly took five years for the government to agree on the technicalities of regulation.
Canada has deemed that cryptocurrency companies—both domestic and foreign—that service Canadian customers will be officially regulated as Money Services Businesses (MSBs) in the country. They will now need to comply with regulations and register with Canada’s financial intelligence unit, FINTRAC.
Full article here: https://decrypt.co/30833/bitcoin-companies-are-now-regulated-in-canada