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Coinbase Complies: Starting Apr 4 Monitor Canadian Transactions Above CA$1,000

Crypto Briefing | Mike Dalton | Mar 25, 2022

coinbase complies to monitor Canadian crypto transactions greater than 1000 CAD - Coinbase Complies:  Starting Apr 4 Monitor Canadian Transactions Above CA$1,000

Rules Reflect Regulatory Change

Coinbase users in Canada will soon be required to report the details of recipients who receive large transactions, according to a notice sent to users.

Those regulations, which came into effect in June 2021, require money services businesses to keep records of virtual currency transactions that amount to $1,000 or more. Coinbase’s decision to announce the rule this week is likely due to the fact that the Canadian authority FINTRAC will begin assessing compliance in April.

See:  Snapshot: the regulatory framework for financial services compliance in Canada

According to Coinbase, these changes are being made in response to an anti-money laundering law called the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

“Starting on April 4, Coinbase will introduce some changes required by Canadian regulations,” the notice reads.

A copy of the message sent to customers was obtained by Ryan Sean Adams of Bankless, who shared it on Twitter.

See:  CSA and IIROC Publish Guidance and Regulatory Framework for Crypto Asset Trading Platform Compliance

Canada has become a topic of discussion within the crypto community of late. In February, the Canadian government attracted attention when it ordered exchanges to block addresses connected with the convoy protesting COVID-19 restrictions.

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