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Federal anti–money laundering agency, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), is inviting companies engaged in virtual currency trading to voluntarily register their businesses.

FINTRAC announced that money services businesses (MSBs) dealing in virtual currencies will be allowed to voluntarily register in advance of mandatory requirements, which take effect next June.

As of June 1, 2020, businesses that deal solely in virtual currencies, including both virtual currency exchange and transfer services, will have obligations under Canada’s anti–money laundering (AML) rules and legislation.

Firms that fall under these rules must register with FINTRAC and must meet reporting, record-keeping, KYC and compliance requirements.

The federal government revised AML legislation in 2014 to include virtual currency dealers as MSBs. The requirements didn’t take effect until regulations defining virtual currency dealing were developed.