Canada Needs Crypto Regulation to Prevent Money Laundering, Lawmakers Say

Canada’s federal lawmakers have urged the government to introduce cryptocurrency regulation so that virtual coins cannot be used by criminals to cover illegal activities, local media outlet iPolitics reported on Wednesday. The members of the House of Commons Standing Committee on Finance (FINA) proposed three measures that should introduce anti-money laundering (AML) regulation for digital asset trading venues and wallet providers.

The MPs want Canada to register crypto-to-fiat exchanges as money service businesses (MSB). This recommendation aligns with the government’s draft proposal from June to put virtual currency trading operators under the scope of the Financial Transactions and Reports Analysis Centre (FINTRAC) as MSBs. FINTRAC is a federal agency for AML and counter-terrorist financing oversight, similar to the US Financial…

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