The industry representatives of the digital currency in Canada are urging lawmakers to clarify the regulatory obligations of companies that trade in crypto-currencies. In response to the absence of clear guidelines, a number of exchange offices, virtual canadians have decided to make a petition and make a report to the financial regulatory body in the country.
Discover below the details in English of this case :
Regulations more clear for the market of crypto-currencies
The canadian media have reported that a number of professionals operating in the sector of the crypto-currencies have requested more clarity regarding the regulation mechanisms put in place in the country. Joseph Weinberg of Shyft, a company providing audit services to identify, using technology, Blockchain, has said that the exchange platforms do not have clear rules.
Source : Pixabay. The companies of trade of crypto-currencies canadian would like clearer legislation.
Cole Diamond, a top-manager of the stock exchange of crypto-currency in Toronto, Coinsquare, has explained his intention to make every effort in order to push the regulators to make regulations more clear. The latter indicated that they want to be regulated, because they want to be able to provide their customers with services that meet the standards.
The canadian exchanges have to resort to unconventional methods
Before the regulatory uncertainty, several platforms of exchanges in canada have decided to make a report to the Centre for analysis of operations and financial statements of Canada (FINTRAC). Mr. Diamond indicated that, upon their approach, the FINTRAC told them that they should not register there. However, the company has decided to do it because they explained that they did not know where to go.
Even if Diamond is expected to take measures to ensure the conformity of its trading platform in the long term, he stated that the turnover and the volume of transactions of Coinsquare could be at least five times more important if a regulation had been put in place.
Source : NewsBitcoin