In Canada cryptocurrency is not a legal tender, but when comes to exchanges it is legal and it has to be register with FinTrac. Though they are not legal tender it is allowed to use and buy goods and services in the stores they accept and also in online. The Canadian government proactively participating in bringing up regulating system under provincial securities laws. In 2014 itself they introduced the entities that dealt with the virtual currencies which brought under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Then in 2019 amendment in PCMLTFA, the rules and requirements of due diligence and reporting is applied to crypto exchanges in money services business which is regulated by Canada. Subsequently, a rule named Virtual Currency Travel Rule requested all money services businesses (MSB) and all the financial institutions to maintain an account of cross-border transactions of cryptocurrency inclusive of all electronic fund transfers. This came into effect in Canada in 2020. The Canadian Securities Administrators (CSA) released guidelines in 2021 to cryptocurrency issuers who hold or own crypto assets. It stated the requirements for disclosure including obligation to disclose the risk factors and the methods they follow to safeguard their assts from theft and loss. Similarly, the requirement for cryptocurrency exchanges to register with FinTRAC under the PCMLTFA. 

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We speak the language of Technology & Internet. We understand how the law interacts with Technology & Internet. Cyber Crime Chambers is a boutique firm specializing in internet laws and digital forensic evidence.

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Karthikeyan.N

B.A., B.L., (Hons) IPDP., (London)
Pgd IPR., Pgd Cyber Law., Msc., (IT)
CCI., CFA., IPCL.,
Advocate, Madras High Court

Karthikeyan, is a renowned cyber law expert, who is also the Managing Partner of Law Office of Karthikeyan, a reputed law firm based in Chennai.

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