Fri Apr 8, 2022 – 5:13 pm EDT
OTTAWA (LifeSiteNews) — The Liberal Canadian Finance Minister’s budget includes an investigation into cryptocurrency while also compelling crowdfunding sites to report “suspicious transactions.”
Mirroring some of the financial actions taken under the Emergencies Act, the budget that Finance Minister Chrystia Freeland announced yesterday said a “legislative review” into cryptocurrency will be launched on top of the implementation of stricter regulatory measures on crowdfunding sites and payment processors.
“In the last several months … there have been a number of high-profile examples — both around the world and here in Canada — where digital assets and cryptocurrencies have been used to avoid global sanctions and fund illegal activities,” the government wrote, explaining the reason for the review into cryptocurrency while referencing the Freedom Convoy protest against government-imposed COVID mandates that took place in Ottawa earlier this year.
“This increased capacity will enable FINTRAC to implement new anti-money laundering and anti-terrorist financing requirements for crowdfunding platforms and payment service providers; support the supervision of federally regulated financial institutions; continue to build expertise related to virtual currency, modernize its compliance functions; and update its financial management, human resources, intelligence and disaster
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