Canada mandates registration of cryptocurrency exchanges by June 2020

The Financial Transactions and Report Analysis Center of Canada(FinTRAC) released a report on 10 July, revealing financial regulations that the Canadian government has planned, for 2020.

According to the report, cryptocurrency exchanges will be entailed to register with the Financial Transactions and Report Analysis Center of Canada, in order to restrain money laundering activities in the country, starting June 2020. This latest move by the agency would also require cryptocurrency exchanges to abide by Know Your Customer(KYC) policies, in order to validate the identities of the users and also verify transactions. A Compliance Officer will also be appointed to watch out for fraudulent activities.

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#Canada #Refulations #Exchanges

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