Canadian authorities intend to tighten crypto regulation in the country because of the “Freedom Convoy”

The amendments were the government’s response to the prolonged trucker protest in Ottawa

22.02.2022 - 14:10

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What’s new? The Canadian authorities intend to align the system of financial monitoring of cryptocurrency transactions in the state with the legislative framework on terrorism. The government is going to introduce strict crypto regulation measures and strengthen oversight of crowdfunding platforms. The reason for the amendments to the financial monitoring system was the prolonged protest of the “Freedom Convoy” truckers in Ottawa.

Information on the CTV News website

What does the Finance Minister say? Finance Minister Chrystia Freeland has announced that the government will require crowdfunding platforms to report to the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) to track potential funding of illegal protests.

The move, which may become permanent and include cryptocurrency-based funding, will allow FINTRAC to provide more information to the police and other law enforcement agencies, she said.

What events preceded it? The Canadian government warned that it will freeze the bank accounts of citizens who support truckers’ strikes over the introduction of vaccination passports. The donations in favor of the protests then began to come in cryptocurrency. The Ontario Provincial Police and the Royal Canadian Mounted Police have ordered all regulated financial companies to stop facilitating and not to transfer ВТС and ЕТН. Against this backdrop, the Canadian government has decided to take tougher measures regarding the circulation of digital assets in the country.

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