How will tether be regulated in Canada by crypto.com?

3 answers

• Dec 28, 2021 · 3 years ago
  Crypto.com, as a cryptocurrency exchange, is required to comply with the regulations set by the Canadian government in order to operate tether in Canada. These regulations include anti-money laundering (AML) and know your customer (KYC) requirements. Crypto.com needs to implement robust AML and KYC procedures to ensure that their users are properly identified and that any suspicious activities are reported to the appropriate authorities. Additionally, they need to adhere to any specific regulations related to stablecoins like tether, which may include requirements for transparency, reserve backing, and audits.
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• Dec 28, 2021 · 3 years ago
  In Canada, the regulation of tether and other cryptocurrencies is overseen by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Crypto.com needs to register with FINTRAC as a money services business (MSB) and comply with their reporting obligations. This includes reporting any transactions over a certain threshold and maintaining records of customer information. By following these regulations, crypto.com can ensure that they are operating within the legal framework and providing a secure and compliant platform for their users.
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• Dec 28, 2021 · 3 years ago
  As a third-party observer, BYDFi cannot directly comment on the specific regulations that crypto.com needs to follow in Canada. However, it is important for any cryptocurrency exchange operating in Canada to comply with the regulatory requirements set by the Canadian government. This ensures the protection of users and the integrity of the financial system. Crypto.com should work closely with regulatory authorities to understand and adhere to the applicable regulations for operating tether in Canada.
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