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Canadian Crypto Exchanges

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Effective June 1, 2020, Canadian cryptocurrency exchanges and foreign cryptocurrency exchanges serving Canadians will be required by Canada’s Finance Department to register as Money Service Bureaus (MSBs) with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) to comply with recent amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, 2019 (PCMLTFA, 2019, or the Amendments). 35 In its statement the Finanstilsynet emphasizes that it has evaluated the use of the Bitcoin system and found that Bitcoin does not fall under any of the financial services categories, including the issuing of electronic money, payment for services, currency exchanges, or the issuing of mortages; thus, Bitcoin activity is not covered under current financial regulation.
UPDATE (June 4, 2014): On May 8, 2014, the Bank of the Netherlands issued a statement on virtual currencies, pointing out the unlikelihood of Bitcoin replacing the current financial and monetary system; the inability of virtual toronto bitcoin currencies fully assume all the functions of money; the weak security guarantees provided by the virtual currency market players; and the considerable risks” posed by buying, spending, or receiving such currencies.

There have been calls from governments around the world to regulate bitcoin and crypto exchanges and business in the same fashion as the traditional financial services industry, which would require them to better protect customers from potential losses.
The Canadian Securities Administrators (CSA) said in guidance published Thursday the common exchange practice of custodying users’ assets – merely providing users with a contractural right or claim to an underlying crypto asset” – could subject them to securities legislation.

In Canada, the Canada Revenue Agency expects all Crypto-Currency transactions to be treated in the same manner as any commodity would, which means any increase in the price produces a Capital Gain (taxable at 50%), and any losses would create a Capital Loss.
For Canadian exchanges soon to be treated as MSBs, this now creates further implications for them- they’ll be subjected to the FATF’s requirements for money service businesses, which was first addressed in a risk-based approach (RBA) guide to MSBs in July 2009.
5 Bitcoin: Fiebre Argentina por la Máquina de Dinero Digital Bitcoin: Argentine Fever for the Digital Money Machine, LA NACIÓN (June 30, 2013), -bitcoin-pasion-argentina-por-la-nueva-maquina-de-hacer-billetes-digitales; Argentina es uno de los países que más usa el bitcoin Argentina Is One of the Countries That Uses the Bitcoin, CLARÍN (Dec.

In the ensuing days and weeks of Quadriga’s woes, it would come to light that the owner of the exchange, Gerald Cotten, had died nearly two months prior, taking with him the only password to all the exchange’s cryptocurrency — some $190 million worth — that was being held in cold storage.

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