According to a new institutional law, the crypto firms based in Canada will be officially acknowledged as Money Service Businesses (MSB).
Francis Pouliot, the CEO of BullBitcoin, has been working very to legitimize cryptocurrencies and cryptocurrency businesses in Canada.
On May 29, Francis Pouliot tweeted:
Today is my last day as an unregulated dealer in virtual currency. As of June 1, 2020, Bitcoin exchanges and payment processors are officially regulated as Money Services Businesses in Canada.
Pouliot announced that the new law is a result of over half a decade of his efforts. “I’ve been closely involved with the process, starting in 2014, collaborating particularly with the Ministry of Finance and FINTRAC. Our stance never changed: Bitcoin is money, it should be regulated like other money, no more no less,” he added.
Crypto Firms Will Need to Register With FINTRAC
According to the new law, Crypto firms will need to register with the FINTRACT and notify them of all transactions that surpass more than $7,000.
Pouliot highlights that the new rules and regulations will mainly support crypto activities related to cash like Bitcoin ATM operators, adding that “most Bitcoin businesses already had KYC measures in place […] because they were required to do so by their banking or payment processing partners.”