As of June 2020, Canadian cryptocurrency businesses are considered Money Service Businesses. The Money Laundering and Terrorist Financing Act of 2019 did not cover the digital currencies. The digital currency firms will have to report any transactions exceeding 10,000 Canadian dollars or 7,403 US dollars. In May 2019, Francis Pouliot, CEO of BullBitcoin, Canadian crypto-asset exchange tweeted that May 29th was his last day of working as an unregulated dealer of digital currency. Pouliot became a director of public affairs of Bitcoin Foundation Canada in 2014, and ever since he has been fighting for the bitcoins to be legally recognized. Since 2014, Pouliot has been working together with the Ministry of Finance and FINTRAC on recognizing bitcoin as money, and subjecting it to the same regulations. It took years of negotiations to reach this result.
How crypto changed the digital economy for Canada
The cryptocurrencies were accepted by some branches of the industry years ago. One of the first to start doing business with digital currencies was the iGaming industry. This became a very important step in the advancement of the gaming industry. Canadian online casinos could offer a greater variety of payment options to their clients. This modification attracted a lot of users from outside Canada. The conventional, time-consuming transactions of traditional money were no longer required as Canadian real money casino slots providers started accepting BTC and other popular cryptos. The clients could use digital currencies and do all the transactions in under an hour. Instead of waiting for days for the money to arrive and the users could just start focusing on iGaming. Online casino industry in Canada is a big success story. They offer several choices when it comes to forms of gambling. They offer all the traditional games such as roulettes, poker tables, sports betting, slot machines, and others. Additionally, video gaming competitions and tournaments are becoming increasingly popular on iGaming platforms. Best video gamers from around the world participate in online tournaments organized by iGaming providers. Different game genres, endless runners, adventure games, and others are adopted for iGaming purposes. The gamers can play some very popular games such as Mario and characters from comic books and movies such as Superman and Wonder Woman are incorporated into the games available on these platforms. Canada puts a lot of effort into the digital economy. In 2019 the Ministry of Innovation, Science and Industry published Canada’s Digital Charter. It is a set of principles that the country will stand by while trying to advance its economy. Canada will aim at providing equal access to the digital world and safe and transparent online space.
Canadian Regulator Gives Warning After Busting Two Cryptocurrency Firms
Two cryptocurrency firms promising a big gain in Canada got caught by the Manitoba Securities Commission (MSC) a provincial regulator in Canada. Jb Capitals – operating in Switzerland, and Halifax & Associates operating in Denmark promised an “85 % success rate” and no risk to their clients. Promising high rates like this is the most common method used for scamming people. The MSC warned the public to be cautious about such schemes. Manitoba residents filed multiple complaints against Jbcapitals and Halifax & Associates. The regulator encourages the residents to report such questionable instances and help prosecute the criminals. Some Bitcoin scammers are even impersonating police officers. Digital currency is more and more popular. With the advancement of technologies, the regulators face more challenges