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FINTRAC provides update for virtual currency dealers

Businesses dealing in virtual currencies can register with FINTRAC in advance of June 1, 2020 

The Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations were amended in June 2019 to cover businesses that deal in virtual currencies. To deal in virtual currencies means to provide virtual currency exchange services or to provide virtual currency transfer services. The regulations aim to cover entities such as virtual currency exchanges, not individuals or businesses that use virtual currency for buying and selling goods and services.

On June 1, 2020, businesses offering the previously mentioned services will need to be registered with FINTRAC; and Money Services Businesses currently registered with FINTRAC that also deal in virtual currencies will need to modify their registration to include the activity “dealing in virtual currency” to their profile by that date.

FINTRAC is giving businesses dealing in virtual currencies the opportunity tovoluntarily register in advance of June 1, 2020. Instructions on how to do so can be found on FINTRAC’s website.

Please note that registered virtual currency businesses’ information will be made public on FINTRAC’s MSB registry on June 1, 2020.

FINTRAC is committed to working with businesses to increase their awareness and understanding of their compliance obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Categories: Anti-Money Laundering FINTRAC Updates Virtual Currencies

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