{"id":39753,"date":"2021-03-29T16:09:27","date_gmt":"2021-03-29T13:09:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=39753"},"modified":"2025-08-30T11:08:52","modified_gmt":"2025-08-30T08:08:52","slug":"canada-tightens-rules-for-verifying-cryptocurrency-holders","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/canada-tightens-rules-for-verifying-cryptocurrency-holders\/","title":{"rendered":"Canada tightens rules for verifying cryptocurrency holders"},"content":{"rendered":"<p>The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) tightened the rules for verifying the identities of clients of companies dealing in digital assets, according to the regulator&#8217;s <a href=\"https:\/\/www.fintrac-canafe.gc.ca\/guidance-directives\/client-clientele\/client\/msb-eng\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">site<\/a>.<\/p>\n<p>The changes affect both domestic and foreign firms providing financial services, as well as crypto-service providers. The guidelines take effect on 1 June 2021.<\/p>\n<p>FINTRAC requires firms to verify clients&#8217; identities in the following cases:<\/p>\n<ul class=\"wp-block-list\">\n<li>receiving crypto assets valued at $10,000 or more within a 24-hour period;<\/li>\n<li>money transfers or transfers of digital currencies, as well as exchanges from $1,000;<\/li>\n<li>any suspicious transaction, regardless of amount.<\/li>\n<\/ul>\n<p>The agency does not require verification when dealing with government agencies or their subdivisions. An exception also applies to companies with net assets of $75 million that are listed on the Canadian stock exchange.<\/p>\n<p>Earlier, Canada required local and foreign companies offering exchanges and transfers, including digital currencies, to register with FINTRAC.<\/p>\n<p>As reported in November 2020, the country&#8217;s tax authority<a href=\"https:\/\/u1f987.com\/en\/news\/canada-revenue-agency-requests-data-on-all-coinsquare-clients-the-countrys-leading-cryptocurrency-exchange\"> required from the crypto exchange<\/a> Coinsquare to hand over all user data from 2013 to verify tax compliance.<\/p>\n<p>In March 2021, the agency<a href=\"https:\/\/u1f987.com\/en\/news\/canadas-tax-authority-gains-access-to-coinsquare-customer-data\"> obtained<\/a> access to transaction details, transfer amounts, currency types and other information through a court order.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) tightened the rules for verifying the identities of clients of companies dealing with digital assets.<\/p>\n","protected":false},"author":1,"featured_media":39754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[771,36],"class_list":["post-39753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-canada","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=39753"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39753\/revisions"}],"predecessor-version":[{"id":39755,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39753\/revisions\/39755"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/39754"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=39753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=39753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=39753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}