On November 14, Canadian digital media iPoliTIcs reported that the Finance Committee of Canada’s House of Representatives recommended that the government start regulating cryptocurrencies to prevent money laundering.
According to iPoliTIcs, Canada’s House of Representatives Finance Committee has recommended that regulations for the regulation of cryptocurrencies should be included in every five-year amendment to the Anti-Money Laundering and Terrorist Financing Act (PCMLTFA).
The committee has held 18 meetings to prepare for the revision of the PCMLTFA, which begins in February. After review, the committee proposed three ways for governments to regulate cryptocurrencies.
The first proposal is to control the exchange of fiat currencies with cryptocurrencies, defining exchange entities as money service businesses.
The proposal is also in line with a new draft regulation of cryptocurrencies released in Canada on June 9. The new regulations included in the draft define cryptocurrency exchanges and payment processors as money service businesses.
In Canada, such businesses are subject to strict financial reporting standards and must comply with the PCMLTFA Act.
According to iPoliTIcs, the committee’s second recommendation is that the government could require cryptocurrency exchanges to be licensed, similar to New York’s BitLicense. Here is a quote from financial advisors IJW & Co and law firm Durand Morisseau LLP, referring to the many insecure cryptocurrency transactions in the current unregulated environment: “Cryptocurrency transactions can be used by parties to move large amounts of wealth quickly across borders , so regulating the exchange of cryptocurrencies with fiat currencies can solve the problem of money laundering in the cryptocurrency space.â€
The last recommendation issued by the government committee is to regulate cryptocurrency wallets and make them easier to track. The government must respond to these recommendations within 120 days.
Cryptocurrency regulation is increasingly enforced globally, with the U.S. Securities and Exchange Commission (SEC) this week imposing civil penalties on two ICOs for unregistered securities.
Cointelegraph also recently published an analysis of the crypto guidance issued by the Financial Action Task Force (FATF), which has now been updated to combat money laundering and terrorist financing in Europe.
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