Canada Is The Perfect Place To Run Crypto Trading Business
Canada has fully legalized the cryptocurrency business. The crypto money is regulated by laws against money laundering and terrorism financing. Bitcoin is equated to a commodity or “not physical” property. The government also gives full information concerning all possible risks of dealing with digital assets.
Canada has a pretty clear regulatory framework and laws for cryptocurrency owners and traders. The citizens of Canada can easily report their crypto income and pay taxes.
New legislation in Canada, which came into force in June 2020, allows cryptocurrency exchanges, as well as for payment operators that deal with cryptocurrencies. They’re now officially classified as money services organizations. It means that now all cryptocurrency exchanges must be registered with the Financial Transactions and Reports Analysis Center of Canada.
The emergence of regulation also means the emergence of certain requirements for cryptocurrency organizations. Such companies will have to send information to government authorities in Canada about customers’ transactions with cryptocurrencies. Transactions that exceed $10,000 CAD will be reported. Plus, such organizations must apply for registration.
Moreover, the Bank of Canada wants to develop its own digital currency called CADcoin. If the value of alternatives will rise, the government intends to use CADcoin to maintain its monopoly on digital money. Canada ranks second worldwide after the U.S. in the number of bitcoin ATMs installed. The country has been also actively supporting and exploring blockchain technology.
It’s pretty easy to buy Bitcoin or other virtual currencies in Canada. You can also pay for goods and services using coins.
One of the most popular ways to buy digital money in Canada is cryptocurrency exchanges. They’re mostly safe and easy to use. Most cryptocurrency exchanges accept different payment methods. So, you can buy coins using bank transfers, debit or credit cards, PayPal, etc.