Crypto was not spared anything during Trudeau’s invoking of the emergencies act. The transactions of cryptocurrencies also became a target with the government expanding its money-laundering laws to include cryptocurrency transactions.
This could be bad news for regular Canadian investors in the crypto space. However this isn’t the first time Canada has tried to impose regulations on the trading of cryptocurrencies.
FINTRAC, which is the reporting system used in a number of industries already has rules in place regarding large crypto transactions. These laws that came out regarding cryptocurrencies took effect June 1st 2021.
Right now the reporting threshold of cryptocurrency in Canada is $10,000 however it was not made clear with the Emergencies Act announcement if the threshold was lowered.
It doesn’t appear that the Crypto market will have any reflection to the Canadian news as Bitcoin was trading up 4.35% to $56,181.77 at the time of this post. Also Eutherum was on the move with a jump of over 7% to $3970.27. The market as a whole was up on the coinbase site over 3%.