Canada’s Tax Agency Targets $40M in Uncollected Crypto Taxes as Trudeau Seeks Major Capital Gains Hike
Based on a report by the National Post, Canada’s Revenue Agency (CRA) is actively searching for uncollected taxes on cryptocurrencies. The agency estimates that there is nearly $40 million in undeclared taxes related to digital currencies. Concurrently, Prime Minister Justin Trudeau is proposing an increase in capital gains taxes from 50% to 66% for any […]
Binance Fined Over $4 Million in Canada for Money Laundering Violations
Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) has imposed a fine of C$6 million on crypto exchange Binance for failing to comply with anti-money laundering and terrorist financing laws. This penalty, equivalent to approximately $4.4 million, was levied after Binance failed to register as a foreign money services business and neglected to report over […]
Canadian regulator fines Binance $4.4M for AML and CFT violations
FINTRAC reported that Binance facilitated 5,902 separate transactions of $10,000 or more in crypto from June 2021 to July 2023 and failed to register with the regulator.This post was originally published on this site
Canada’s regulatory clarity is bringing institutions to crypto — WonderFi CEO
Dean Skurka stated that although regulations have increased costs, they have also led to greater interest in crypto from institutions.This post was originally published on this site
CoinSmart president says crypto taxes are a ‘little bit more favorable’ outside US
According to Jeremy Koven, Canadian crypto firms may have a better regulatory environment than ones in the United States, benefitting users in a number of ways.This post was originally published on this site
Canadian police reported using Chainalysis Reactor to trace crypto crimes
Police now have the ability to trace blockchain transactions, identify suspects and determine where funds have been deposited. This post was originally published on this site
Free Bitcoin on Zaps experiment — but what are Zaps?
Why a Canadian Bitcoin advocate is giving out free Bitcoin tips, or Zaps, to people around the globe–and why the Zap trend is catching on.This post was originally published on this site
Canadian crypto ownership declined amid tight regulations, falling prices
The biggest motivation for Canadians interested in Bitcoin is an investment — as showcased by the choice of over one-third of the 4,996 respondents in the Bank of Canada’s 2022 survey. This post was originally published on this site
Canada proposes new capital rules for crypto holdings
The Office of the Superintendent of Financial Institutions is opening public consultations on two draft guidelines, updating its capital and liquidity approach to crypto assets. This post was originally published on this site
Canada’s court deem ? emoji valid as a contract agreement: Report
The case sought to determine whether a Canadian farmer had agreed to sell tons of flax to a grain buyer in 2021 by replying with a thumbs-up emoji.This post was originally published on this site