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Canada passes a law that classifies cryptocurrencies as Money Service Businesses

Canada’s crypto firms to be legally recognised as MSBs |

By Lacie-Mae Durham As Money Service Businesses, cryptocurrencies will now need to report all transactions exceeding $10,000 Canadian Dollars Today marks the implementation of Canada’s Proceeds of Crime (Money Laundering) And Terrorist Financing Act that was passed in June 2019. The bill was devised with the aim to address problems in the previous legal framework.