Published on June 10th, 2018 | by bitcoin0
Canada Releases Official Draft of New Cryptocurrency Financial Regulations
The Canadian government has released an official draft of new regulations on crypto exchanges and payment processors, Canada Gazette reports June 9.
According to the draft, the new regulations seek to address a “number of deficiencies” that the Financial Action Task Force (FATF) outlined after their evaluation in 2015-16, namely in strengthening Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime (AML/ATF).
The draft also contains a cost-benefit analysis, which reveals the regulations would cost about $61 CAD mln ($47 mln USD) over the next 10 years.
I will object to this.” The FATF is an intergovernmental organization that develops policies to combat money laundering.
These policies are not legally binding, but according to the draft, Canada believes that implementing these regulations will have a positive impact on the country’s international reputation.