{"id":4004,"date":"2020-03-24T01:10:48","date_gmt":"2020-03-24T01:10:48","guid":{"rendered":"https:\/\/www.sygna.io\/?p=4004"},"modified":"2020-05-12T03:48:43","modified_gmt":"2020-05-12T03:48:43","slug":"fintrac-canada-virtual-currency-crypto-regulations-2020-2021","status":"publish","type":"post","link":"https:\/\/www.sygna.io\/zh-hant\/blog\/fintrac-canada-virtual-currency-crypto-regulations-2020-2021\/","title":{"rendered":"Canada&#8217;s FINTRAC Sets New Virtual Currency Regulations for 2020\/2021"},"content":{"rendered":"\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Table of Contents<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"#overview-fintrac-2020-2021-crypto-regulation-changes\">Overview-FINTRAC\u2019s latest crypto regulations<\/a><\/li><li><a href=\"#what-is-fintrac-canada\">What is Canada\u2019s FINTRAC?<\/a><\/li><li><a href=\"#what-is-the-PCMLTFA\">What is the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)<\/a><\/li><li><a href=\"#FINTRAC-AML-and-virtual-currency-activities-for-2020-2021\">FINTRAC&#8217;s 2020\/2021 AML and crypto activities<\/a><\/li><li><a href=\"#how-do-FINTRAC-align-with-FATF-policy-on-aml-cft\">How FINTRAC aligns with the FATF\u2019s AML\/CFT policy<\/a><\/li><li><a href=\"#FINTRAC-virtual-currency-regulation\">FINTRAC&#8217;s regulatory virtual currency definitions<\/a><\/li><li><a href=\"#canada-history-of-virtual-currency-regulation-2014-2020\">Canada\u2019s crypto regulation history (2014-2020)<\/a><\/li><li><a href=\"#FINTRAC-2019-virtual-currency-crypto-updates\">FINTRAC\u2019s 2019 virtual currency (crypto) updates<\/a><\/li><li><a href=\"#conclusion-sygna-bridge-r16-travel-rule-solution-for-canadian-vasps\">Conclusion- Sygna Bridge&#8217;s R.16 travel rule solution<\/a><\/li><\/ul>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"overview-fintrac-2020-2021-crypto-regulation-changes\">Overview<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The Canadian financial regulator FINTRAC has published a report that highlights regulatory changes it will implement in 2020\/2021. These changes will support the combating of money laundering and terrorism funding in Canada, in accordance with global regulations and also extend to virtual currency (cryptocurrencies).&nbsp;<\/p>\n\n\n\n<p>In particular, FINTRAC will prioritize in the short term the establishment of an \u201cenhanced AML\/CFT regime\u201d for businesses dealing with virtual currencies. These latest changes can be interpreted as a response by the Canadian regulator to the Financial Action Task Force (FATF)\u2019s recently updated Standards (June 2019), such as its industry-changing Recommendation 16.&nbsp;<\/p>\n\n\n\n<p>The R.16 update mirrors the U.S. Bank Secrecy Act\u2019s \u201ctravel rule\u201d requirement for crypto exchanges and has an approaching deadline that requires member countries to implement by June 2020 or risk being subjected to increased monitoring by the FATF.&nbsp;<\/p>\n\n\n\n<p>According to its 2019 updates, all &#8220;virtual currency dealers&#8221; must register as money service businesses (MSBs) by June 1st, 2020.  Also any &#8220;reporting entity&#8221; that receives more than $10,000 Canadian dollars in virtual currency during a transaction must report it to FINTRAC.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"512\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/Canada\u2019s-FINTRAC-to-Implement_twitter.png\" alt=\"\" class=\"wp-image-4016\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/Canada\u2019s-FINTRAC-to-Implement_twitter.png 1024w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/Canada\u2019s-FINTRAC-to-Implement_twitter-600x300.png 600w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/Canada\u2019s-FINTRAC-to-Implement_twitter-768x384.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-fintrac-canada\">What is FINTRAC?<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The <em>Financial Transactions and Reports Analysis Center of Canada<\/em> (FINTRAC) is Canada\u2019s official financial intelligence unit (FIU), responsible for establishing and implementing its Anti-Money Laundering (AML) and Counter-Terrorism Funding (CFT; referred to in Canada as ATF, or anti-terrorist funding) policies.<\/p>\n\n\n\n<p>FINTRAC is the Canadian equivalent of the Financial Crimes Enforcement Network (FinCEN), the United States\u2019 chief AML\/CFT regulator.\u00a0The Center acts independently of regular law enforcement and police and reports to the Minister of Finance, who is mandated by Canada\u2019s Parliament. FINTRAC is also a <a href=\"https:\/\/egmontgroup.org\/en\/content\/canada-financial-transactions-and-reports-analysis-centre-canada\">member of the Egmont Group<\/a>, a united collective of 164 FIUs around the world.\u00a0<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-the-PCMLTFA\">What is Canada&#8217;s Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)?<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>FINTRAC is mandated by Part 1 and 1.1 of the <a href=\"https:\/\/www.fintrac-canafe.gc.ca\/act-loi\/1-eng\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)<\/a> (2000), which is the primary AML\/CFT legislation in Canada.&nbsp;<\/p>\n\n\n\n<p>The PCMLTFA acts as a legal framework that obligates reporting entities to create compliance programs that identify, monitor and keep records of customers, and also report suspicious transactions.&nbsp;<\/p>\n\n\n\n<p>FINTRAC enforces the PCMLTFA\u2019s requirements to ensure that <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.fintrac-canafe.gc.ca\/re-ed\/intro-eng\" target=\"_blank\">reporting entities<\/a> (<a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.fintrac-canafe.gc.ca\/reporting-declaration\/info\/re-ed-eng\" target=\"_blank\">see list here<\/a>) like banks and money services businesses operating in Canada&#8217;s financial system fulfill their regulatory obligations. It also maintains a registry of money service businesses (MSBs) operating in Canada, similar to the duty FinCEN fulfills in the United States.\u00a0<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"FINTRAC-AML-and-virtual-currency-activities-for-2020-2021\">FINTRAC&#8217;s AML activities in 2020\/2021<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>FINTRAC&#8217;s latest actions iterate on its substantial 2019 updates (read the virtual currency changes further below).  According to FINTRAC director and CEO Nada Semaan:<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/nada-semaan.jpeg\" alt=\"\" class=\"wp-image-4006\" width=\"247\" height=\"247\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/nada-semaan.jpeg 225w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/nada-semaan-150x150.jpeg 150w\" sizes=\"(max-width: 247px) 100vw, 247px\" \/><figcaption>Source:<a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.collegesinstitutes.ca\/what-we-do\/about\/board-of-directors\/nada-semaan\/\" target=\"_blank\">collegesinstitutes.ca<\/a><\/figcaption><\/figure><\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u201cThe overall legislative and policy framework must serve Canada&#8217;s interests while staying attuned to international expectations\u201d.\u00a0<\/p><cite>FINTRAC CEO Nada Semaan<\/cite><\/blockquote>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Therefore, the Center will modernize its existing AML\/CFT framework to keep up with global, constantly changing regulations and consult with both local and foreign stakeholders.\u00a0<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>FINTRAC\u2019s new regulations will:&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>\u00a0support new legislation<\/li><li>\u00a0focus on building out its oversight of areas such as:\u00a0<ul><li>virtual currencies<\/li><li>customer identification<\/li><li>beneficial ownership<\/li><li>foreign money service businesses<\/li><\/ul><\/li><\/ol>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>These regulatory fields mirror the subjects of the Financial Action Task Force (FATF) <a href=\"https:\/\/www.sygna.io\/blog\/fatf-february-plenary-outcomes-crypto-virtual-asset-travel-rule-digital-identity\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">February Plenary outcomes<\/a>.&nbsp;<\/p>\n\n\n\n<p>The FINTRAC report has prioritized creating new regulations that broaden the scope of FINTRAC\u2019s compliance mandate in the near term. <\/p>\n\n\n\n<p>These include 1) new requirements for reporting on virtual currency transactions and 2) obligating foreign money services businesses and businesses dealing in virtual currencies to register as money service businesses (MSBs).<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-do-FINTRAC-align-with-FATF-policy-on-aml-cft\">How do FINTRAC and FATF&#8217;s AML policies align?<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"878\" height=\"494\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/Canada\u2019s-FINTRAC-to-Implement_feature-\u8907\u672c.png\" alt=\"\" class=\"wp-image-4017\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/Canada\u2019s-FINTRAC-to-Implement_feature-\u8907\u672c.png 878w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/Canada\u2019s-FINTRAC-to-Implement_feature-\u8907\u672c-600x338.png 600w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/Canada\u2019s-FINTRAC-to-Implement_feature-\u8907\u672c-768x432.png 768w\" sizes=\"(max-width: 878px) 100vw, 878px\" \/><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Canada is one of the official 39 members of the FATF, and also belongs to the Asia-Pacific Group (APG), a <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.sygna.io\/blog\/fatf-style-regional-bodies-fsrbs\/\" target=\"_blank\">FATF-style regional body (FSRB)<\/a> that spreads the FATF\u2019s AML\/CFT gospel across the APAC region.\u00a0<\/p>\n\n\n\n<p>The crypto-facing changes are designed to bolster Canada\u2019s virtual currency policies after the <a href=\"https:\/\/www.fatf-gafi.org\/media\/fatf\/documents\/reports\/mer4\/MER-Canada-2016.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">FATF\u2019s 2016 mutual evaluation report<\/a> of the country praised its strong AML\/CFT framework but identified its lack of cryptocurrency regulation as one of its biggest weaknesses.<\/p>\n\n\n\n<p>As Canada\u2019s designated financial intelligence unit, FINTRAC is mandated by this affiliation to support and integrate the FATF\u2019s recommendations into its own policies and enforcement actions. It tends to monitor <a href=\"https:\/\/www.sygna.io\/blog\/what-is-the-financial-action-task-force-fatf\/#fatf-40-recommendations\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">FATF\u2019s 40+9 Recommendations<\/a> closely and shape its policy around it.&nbsp;<\/p>\n\n\n\n<p>It is no coincidence that FINTRAC has announced these new regulatory updates only months before the FATF\u2019s Recommendation 16 \u201ctravel rule\u201d officially comes into effect in June 2020.&nbsp;<\/p>\n\n\n\n<p>FATF\u2019s updated R.16 on Wire Transfers aims to curb the proliferation of ML\/TF through exchanges, by putting the onus on its 200+ affiliated countries to ensure that their domestic virtual asset service providers (VASPs) share real-name identification data of customers with one another during transmittals.\u00a0<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"FINTRAC-virtual-currency-regulation\">FINTRAC&#8217;s regulatory virtual currency definitions<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">How FINTRAC defines a Money Service Business (MSB)<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The definition of a money service business is as important to FINTRAC as it is to FinCEN in the States, because it enables the Center to bring specific &#8220;problematic&#8221; business entities, such as virtual currency exchanges, under its regulatory oversight. <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>FINTRAC <a href=\"https:\/\/www.fintrac-canafe.gc.ca\/msb-esm\/intro-eng\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">defines domestic MSBs <\/a>as entities that:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li> perform any of these services:<ul><li>Foreign exchange dealing<\/li><li>Remitting or transmitting funds<\/li><li>Issuing or deeming money order or similar negotiable instruments<\/li><li>Dealing in virtual currency<\/li><\/ul><\/li><li>\u00a0have a place of business in Canada, meaning you&#8217;re:<ul><li>incorporated in Canada;<\/li><li>physical location in Canada; or,<\/li><li>employees, agents or branches in Canada.<\/li><\/ul><\/li><\/ol>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>FINTRAC defines a foreign money service business (FMSB) as an entity that performs a service in (1), has no Canadian abode, but targets Canadian residents and directs services at them (e.g. using a .ca domain, markets and advertises for a Canadian audience). <\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">How FINTRAC defines virtual currency and transactions<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>FINTRAC describes virtual currency&nbsp;as:<\/strong><\/p>\n\n\n\n<p>(a) <em>a digital representation of value that can be used for payment or investment purposes that is not a fiat currency and that can be readily exchanged for funds or for another virtual currency that can be readily exchanged for funds; or<\/em><\/p>\n\n\n\n<p>(b) <em>a private key of a cryptographic system that enables a person or entity to have access to a digital representation of value.<\/em><\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>What is a virtual currency exchange transaction?<\/strong><\/p>\n\n\n\n<p><em>An exchange, at the request of another person or entity, of virtual currency for funds, funds for virtual currency or one virtual currency for another. <\/em><\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Virtual Currency Dealer Regulation<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>This means that individuals will <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.mccarthy.ca\/sites\/default\/files\/2019-05\/To%20MSB%20or%20not%20to%20MSB.pdf\" target=\"_blank\">need to register with FINTRAC<\/a> as an MSB if they offer virtual currency exchanging services for fiat currency or other cryptocurrencies, or value transfer services. They&#8217;ll also have to implement a complete AML\/CFT compliance plan, train staff accordingly and get their plan independently assessed. <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Entities that conduct business and transactions for their customers will be regulated if they: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>exchange digital currencies for fiat currencies<\/li><li>exchange between virtual currencies.<\/li><\/ul>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>FINTRAC&#8217;s crypto regulations apply to both domestic and foreign MSBs such as: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>custodial wallet service providers who hold customers&#8217; private keys<\/li><li>Exchanges, Bitcoin ATMs and brokers<\/li><\/ul>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"canada-history-of-virtual-currency-regulation-2014-2020\">A History of Canada\u2019s evolving crypto regulation<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">2014-2019: PCMLTFA and virtual currencies<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Ironically, the July 2019 amendments were the conclusion of a process that started 5 years earlier.&nbsp;<\/p>\n\n\n\n<p>In 2014, Canadian lawmakers changed the PCMLTFA to include \u201cdealers in virtual currency\u201d following the FATF Standards changes. However, its implementation was postponed while the country\u2019s Department of Finance developed, refined and updated its regulations.&nbsp;<\/p>\n\n\n\n<p>Draft amendments to the PCMLTFA were published in June 2018, but was mired in controversy soon after as the <a href=\"https:\/\/www.osler.com\/en\/resources\/regulations\/2019\/anti-money-laundering-rules-for-cryptocurrency-dealers-finalized-by-canadian-government\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">public and House of Commons reviewed them<\/a> and found them to be excessive. Following the Canadian industry\u2019s comments and the FATF\u2019s June 2019 guidance, the final update was published in July 2019.&nbsp;<\/p>\n\n\n\n<p>Canada\u2019s burgeoning cryptocurrency industry has in recent years been blighted with exchange-related financial crimes, such as the <a href=\"https:\/\/www.forbes.com\/sites\/rogerhuang\/2018\/10\/29\/maplechange-hack-is-a-reminder-to-get-your-cryptocurrencies-off-exchanges\/#558a5c667df5\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">MapleChange $5 million \u201chack<\/a>\u201d in October 2018.&nbsp;<\/p>\n\n\n\n<p>In 2018 an estimated 500,000 Canadians, 5% of the population, owned cryptocurrencies, which they mainly kept on relatively young and almost completely unregulated exchanges.\u00a0<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">2018: QuadrigaCX exit scam steals $190m<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The MapleChange fraud ended being a mere precursor to the massive <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.coolwallet.io\/quadriga-ceo-exit-scam-5-years-since-mt-gox-hack-have-crypto-exchanges-learned-anything\/\" target=\"_blank\">QuadrigaCX exit scam<\/a> only months later. Canadian investors were left almost CAD 250 million ($190 million) out of pocket after QuadrigaCX\u2019s founder and CEO Gerald Cotten \u201cdied\u201d under mysterious circumstances in India in December 2019,\u00a0taking the Canadian VASP\u2019s private keys to 26,000 Bitcoin supposedly with him to the grave.\u00a0<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/iPvLDQlUSexY\/v0\/-1x-1.jpg\" alt=\"Gerald Cotten sits for a photograph at the Quadriga office in Vancouver on Feb. 13, 2014.\"\/><figcaption>source:<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-12-13\/-questionable-death-prompts-call-to-exhume-quadriga-ceo-s-body\">bloomberg<\/a><\/figcaption><\/figure><\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>While QuadrigaCX didn\u2019t survive 2019, the crypto exchanges\u2019 creditors are still trying to ascertain if Cotten really did- and they\u2019re currently in a legal battle to win the right to <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.coindesk.com\/lawyers-ramp-up-pressure-to-exhume-quadriga-ceos-body\" target=\"_blank\">exhume his body.\u00a0<\/a><\/p>\n\n\n\n<p>As a result of the Quadriga fiasco and the FATF\u2019s 2016 report, FINTRAC had no choice but to react. The financial crimes agency announced in March 2019 its intent to better regulate its virtual currency industry,\u00a0which it finally delivered on in the July 2019 policy update.\u00a0<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"FINTRAC-2019-virtual-currency-crypto-updates\">FINTRAC\u2019s July 2019 Virtual Currency Updates<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>On 10 July 2019, Canada\u2019s Department of Finance <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.coindesk.com\/canadas-crypto-exchanges-must-now-register-as-msbs-report-transactions-over-10k\" target=\"_blank\">published a regulatory update<\/a> to the PCMLTFA which determined that from June 1st, 2020, dealers in virtual currency would be considered MSBs and required to comply with the PCMLTFA\u2019s regulations.&nbsp;<\/p>\n\n\n\n<p>The update was undoubtedly influenced by the FATF\u2019s far-reaching June plenary\u2019s dramatic overhaul of how cryptocurrencies and exchanges should be regulated in its <a href=\"http:\/\/www.fatf-gafi.org\/media\/fatf\/documents\/recommendations\/RBA-VA-VASPs.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\"><em>Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers<\/em><\/a><em>.&nbsp;<\/em><\/p>\n\n\n\n<p>FINTRAC\u2019s decision to bring virtual currency platforms operating in Canada under its scope as money service businesses (MSBs) followed in the footsteps of <a href=\"https:\/\/www.sygna.io\/blog\/fincen-digital-asset-cryptocurrency-regulations-2020-vs-2019\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">FinCEN\u2019s May 2019 digital asset reforms<\/a> and obligated these entities to register as such with FINTRAC from June 1st, 2020.<\/p>\n\n\n\n<p>The Canadian FIU also amended its definition of virtual currencies new requirements also obligated reporting entities that <a href=\"https:\/\/www.coindesk.com\/canadas-crypto-exchanges-must-now-register-as-msbs-report-transactions-over-10k\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">received over CA$10,000<\/a> in a virtual currency transaction to collect transaction details, identify the originator party and report the transmittal to FINTRAC.<\/p>\n\n\n\n<p>For a more in-depth look at the amendments, <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.fasken.com\/en\/knowledge\/2019\/07\/final-amendments-to-aml-regulations-released\" target=\"_blank\">look here.\u00a0<\/a><\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"conclusion-sygna-bridge-r16-travel-rule-solution-for-canadian-vasps\">Conclusion and R.16 Solution<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>FINTRAC\u2019s latest report doubles down on the changes the regulator introduced in 2019. Not surprisingly, it follows a long narrative of Canadian authorities complying with FATF recommendations and adapting their AML\/CFT policies in accordance.&nbsp;<\/p>\n\n\n\n<p>For Canadian exchanges soon to be treated as MSBs, this now creates further implications for them- they\u2019ll be subjected to the FATF\u2019s requirements for money service businesses, which was first addressed in a <a href=\"http:\/\/www.fatf-gafi.org\/media\/fatf\/documents\/reports\/Guidance-RBA-money-value-transfer-services.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">risk-based approach (RBA) guide to MSBs<\/a> in July 2009.&nbsp;<\/p>\n\n\n\n<p>Importantly, it also subjects them to the FATF Recommendation 16 requirement and the need to implement a travel rule solution before the FATF\u2019s June deadline.&nbsp;<\/p>\n\n\n\n<p>For Canadian (and other) VASPs, CoolBitX\u2019s first-to-market R.16 alliance network Sygna Bridge offers such a solution. This messaging platform allows VASPs to comply in full with the travel rule by sharing encrypted compliant personally identifiable information (PII) with each other off-chain during transactions, which can later be included in transaction reporting if needed.&nbsp;<\/p>\n\n\n\n<p>Sygna Bridge is essentially a simple API that can be integrated with exchanges within 6 weeks without disrupting business operations. Currently being trialed in Japan, Korea, Taiwan and recently Canada by 13 VASPs who have signed MoU\u2019s, our \u201ccrypto travel rule\u201d solution has been custom-built for VASPs who seek a cost-effective and non-technical answer to FATF\u2019s new requirement.&nbsp;<\/p>\n\n\n\n<p>To learn more about Sygna Bridge or request a demo, visit sygna.io or email <a href=\"mailto:info@sygna.io\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">info@sygna.io<\/a>.&nbsp;<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian financial intelligence unit FINTRAC&#8217;s new report highlights AML\/CFT and virtual currency regulatory changes it will implement in 2020\/2021<\/p>\n","protected":false},"author":7,"featured_media":4019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[19,26,28],"tags":[],"class_list":["post-4004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-recommendation-16","category-news","category-u-s-crypto-regulations"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - 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