Crypto payment companies face new restrictions in the context of Canada's blockade compensation

Von Krypto News Österreich

The Center Block and the Peace Tower in Parliament Hill, Ottawa, Canada.
  • Canada's Prime Minister Justin Trudeau has appointed itself to the state law of the state as a direct reaction to the continuing blockages against Covid-19 measures
  • The Federal Government said that it was expanding the AML and terrorist rules to cover the associated crowdfunding and payment providers- including crypto

Canada's Prime Minister Justin Trudeau for the first time to the sequel to the state law of the country Blockade against Covid-19 restrictions.

According to the law, crowdfunding platforms and payment service providers associated with them, including crypto, must now register with the Financial Transactions and Reports Analysis Center of Canada (Fintrac). It is currently still unclear whether the emergency law will affect crypto payment providers in the long term.

Finance Minister Chrystia Freeland said on Monday that the federal government was expanding the rules to combat money laundering and terrorist financing to cover crowdfunding platforms and payment providers used by them.

"These changes cover all forms of transactions, including digital assets such as cryptocurrencies," said Freeland. "The illegal blockades have made it clear that crowdfunding platforms and some of the payment service providers you use are not fully recorded

The scenes in Canadian cities include blockages caused by large trucks that were lined up on the country's highways Handelskorridore with the USA. The blockades also cause supply chain bottlenecks across the country that affect the Canadian economy.

Both Canadian trucking alliance and the International Brotherhood of Teamsters have condemned the protests. The Teamsters said that it was "not how disagreements should be expressed with government policy".

"It is now clear that there are serious challenges for the ability of the law enforcement authorities to effectively enforce the law," said Trudeau during a press conference Monday. "The consequences for their lives if they decide to continue to endanger the life and livelihood of other Canadians and to continue to violate our laws will be increasingly comprehensive."

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The article Crypto Payment firms face new restrictions under Canada’s Blockade Crackdown is not a financial advice.