Canada Officially Classified Cryptocurrency Companies as Financial Service Businesses
From now on, cryptocurrency firms should register with the National Financial Transaction Reporting and Analysis Center (FINTRAC) as financial service companies and comply with relevant regulations including reporting transactions totaling to over 10,000 Canadian dollars (approx. Some countries are also working to draft more effective regulations to strengthen their digital currency and blockchain sector.
In June last year, San Marino also approved the DLT and crypto asset regulation to manage all of its blockchain-related innovations and activities. Last year still, US presidential candidate in 2020 Andrew Yang and Harold Ford Jr, a former US Congressman called for effective blockchain and crypto asset regulation, and advised the authorities to avoid making half-measures.
