The Government of Canada will tighten the requirements for financial supervision of the circulation of cryptocurrencies

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Canada plans to bring the system of financial monitoring of operations with crypto assets in the country into line with the provisions of the legislation on terrorism.

The Government of Canada is taking urgent action to amend the rules for financial monitoring of transactions with crypto assets. The authorities plan to introduce enhanced monitoring measures for the circulation of cryptocurrencies in the country and crowdfunding platforms that offer services for their collection and distribution.

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The amendments came as the Canadian federal government’s response to a lengthy protest by Freedom Convoy truckers in Ottawa. According to the new rules, when carrying out financial monitoring operations, state bodies will be guided by the requirements of the legislation on combating terrorism.

Participants in crypto transactions will be required to register with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC). Otherwise, their activities may be regarded as criminal by law enforcement agencies, and accounts and donations may be frozen.

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Earlier, the Ontario Supreme Court issued a judgment to freeze approximately $20 million in crypto assets and recommended that BNB Chain, BitBuy, Bull Bitcoin, Bylls, TallyCoin, Shakepay, Satoshi Portal, Nunchuk, and PancakeSwap refrain from conducting transactions in support of the protesters.

Recall that earlier the Canadian Federal Police sent out a demand to cryptocurrency exchanges to “stop facilitating any transactions” of participants in the protest movement of truckers.

Source: Bits

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