The government of Canada has released an official draft of the new rules for kryptomere and operators to receive payments.
According to the draft, the new rules aimed at addressing a “number of shortcomings” that were marked with Group on combating money laundering and financing of terrorism (FATF) in 2015-2016, namely strengthening the regime against money laundering and terrorist financing in Canada.
The new rules will consider cryptocurrency exchanges and payment service providers as the sector of money services (MSB). They will need to report large transactions over 10,000 CAD (7 $ 700). The principle of “Know your customer” (KYC) should be applied to transactions in 1 000 CAD ($770).
The project also presents an analysis of the cost-benefit according to which the rules will cost 61 million CAD ($47 million) in the next 10 years.
Co-founder of the Montreal consulting blockchain-Catallaxy, the company believes that some points of the new rules failed.
The new requirements mean that companies need to store details of all transactions worth more than 10 000. It will be extremely difficult to implement. I’m going to object to this.
The FATF is an intergovernmental organization that develops policies to combat money laundering. It is not legally binding, but, according to the project, the canadian government believes that the implementation of these rules will have a positive impact on the international reputation of the country.