Canada is working towards regulating the cryptocurrency market. The laws concerning cryptocurrencies will be updated at the same time as money laundering and terrorist financing laws.
After the United States have began the process of regulating cryptocurrency and the G20 has invited its members to do the same, it comes as no surprise that Canada would take the same direction.
According to amendments to the Proceeds of Crime and Terrorist Financing Act (PCMLTF) that passed in 2014 in Canada, Business that deal in digital currencies are obligated to register with the federal financial intelligence unit, FINTRAC.
On monday, on a Canadian parliamentary hearing concerning digital currencies, a cryptocurrency expert stated his concerns regarding excessive or inappropriate, explaining that they would only detriment innovation in the country.
According to a governmental statement, the proposed regulations surrounding cryptocurrency will be available to the public as soon as they a released on the Canadian Gazette.
The hearing conducted on monday was mostly held in private, now much public information was released to the media.