Canada’s Authorities Presents New Crypto Standards Draft
June 12, 2018
Canada has published official bill on regulation of crypto platforms and payment operators.
According to the document, new standards are to fix a number of vulnerabilities found by Financial Action Task Force (FATF) thus fighting laundering of illegal revenues and terrorism financing.
New standards will be considering crypto exchanges and payment operators as money services so that they will have to inform the regulator on large transactions over 7.7 thousand dollars. In addition, the project analyzes pros and cons of these standards which will cost 47 million dollars for the next 10 years.
Note that many experts doubt that innovation and believe the project is hard to realize as exchanges will have to store data on all transactions over $7,700.