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, Adam Cai, CEO of the Toronto crypto exchange VirgoCX, stated that a strengthened anti-money laundering structure will promote industry legitimacy by eliminating poor operating standards. "To some, this may seem like an obstacle, but in reality, it will force the management team to execute appropriate plans and take more responsible action. Our industry is still being affected by QuadrigaCX and Einstein. We Hopefully the new regulations will help restore trust in the industry. "Cai acknowledges that the crypto community will not adapt quickly to new realities, but he believes that compliance with the transfer rules will not incur significant costs to industry participants. "Our hope is that the new rules and guidelines will make more people adopt cryptocurrencies and make the industry more accessible to banks. Ultimately, more adoption by the general public and chartered banks will only benefit the industry."