Friday, December 1, 2023

Canada tightens its anti-money laundering regulations to cover cryptocurrency

Canada is presently going through civil unrest with truckers around the country protesting against Covid mandates. While the protest has garnered widespread support from different parts of the world, the Canadian government has dismissed the protesters as a fringe element. As a consequence of all these unrests, there have been efforts to ensure that protesters do not get any funding. A Gofundme initiative was controversially curbed by the Justin Trudeau government and the chief of the country has since been in hiding in an undisclosed location. As the situation does not seem to get any better, Canada is taking more steps to curb the protest.

The government has invoked the Emergency Act to implement new Anti-money-laundering acts. Chrystia Freeland, Finance Minister of the country, told in a press conference that new anti-money-laundering laws take into its gambit all crowdfunding platforms, including those dealing with cryptocurrencies. As a result, there will now be more monitoring of crypto activities and transactions. The government feels that these steps will make it more difficult for the protesting truckers to get funds.

While the government was busy implementing these steps, the protesting truckers have garnered widespread support. People have come up with alternate ways to transfer funds to the protesters. Since Canada does not have any prohibitions on cryptocurrency transactions, the citizens can still receive cryptocurrencies directly from other wallets. The government is expected to ramp up processes that will bring more transactions under monitoring. It is one of the fine examples of how cryptocurrencies can help individuals deal with governmental atrocities.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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