This year, the local financial intelligence unit revoked the registration of 50 companies providing financial services (MSB). Out of these, 47 are related to cryptocurrencies. The companies have 30 days to file a request to overturn the decision.
Finance Minister François-Philippe Champagne noted that this is related to combating money laundering. He emphasized that the government will continue to take measures to counteract the risks associated with virtual currencies. This includes crypto intermediaries and crypto ATMs, which can be used for money laundering and fraud.
At the end of 2023, Canada fined the crypto platform Cryptomus $126 million and the crypto exchange KuCoin $14 million for violating regulatory requirements.