Opinion: Canada will implement new anti-money laundering regulations, and early-stage crypto companies may benefit a lot

According to previous reports, a departmental report released by the Canadian Financial Transaction and Report Analysis Center (FINTRAC) in early March stated that after the new FATF rules take effect on June 1, the center will begin to more closely monitor virtual currency companies, transactions and activities. In response, Dean Skurka, head of finance and compliance at the Canadian cryptocurrency exchange Bitbuy, said, "One of the biggest impacts on virtual currency traders will be their internal and external reporting requirements. The system has been preparing for this system for the past few years. The company will benefit a lot because its system will be established by the June 1, 2020 deadline. Those who have not done so will have to increase their investments significantly, as this is a great effort and should not be taken lightly. Ultimately, Skurka said the decree will improve the consumer environment by mitigating some of the risks associated with money laundering related to crypto. Nonetheless, while praising the introduction of regulatory transparency, Skurka concluded that crypto companies may face the same banking challenges as traditional MSBs. Enforcing travel rules is not just a technical problem, it is a major pain point for those with privacy awareness. However, according to Skurka, as long as the transfer rules are properly applied and in a way that protects user privacy, it may usher in a new era of transparency, as "it will solve many of the problems with cash, SWIFT wire transfers and law enforcement failing to track criminals. Related issues. "