Canada is still awaiting implementing regulations that would bring virtual currency exchanges under anti-money laundering (AML) rules, almost four years after the first legislative steps were taken.
An amendment to the Proceeds of Crime Act was completed in 2014 that would treat virtual currency platforms as money services businesses (MSBs) for the purposes of preventing financial crime.
However, the publication of subordinate regulations and guidance required before the amendment can enter into force continues to be pushed back.
“We were told December, then January; now the last we’re hearing is March,” said Jacqueline Shinfield, a payments regulatory expert and partner at Blake, Cassels and Graydon.
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