Investing.com – Canada is implementing tougher reporting requirements for cryptocurrency exchanges to prevent illegal activity.
The Department of Finance is amending regulations under anti-money laundering and terror financing legislation so that crypto exchanges would be classified as money service businesses.
The exchanges would then have to report any transaction over 10,000 Canadian dollars. Commercial banks are subject to similar reporting rules on transactions. Financial regulators and law enforcement officials have become increasingly concerned that cryptocurrencies are being used for money laundering and terror financing.
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