After G20 Summit, Financial Action Task Force's(FATF) Regulation Guidelines on Virtual Currency Accelerates

Canada's domestic virtual currency exchange has announced that it must register with the Canadian government's financial regulator FinTRAC.

In addition to the revised AML(Anti-Money Laundering) , it is expected to go into effect in June 2020. In addition, the KYC (Know Your Customer) should be reported to the authorities when there is a suspicious transaction aside from registration obligation.

As a result, each exchange will be required to hire compliance officials who need to be linked to the authorities in addition to holding transaction records.

Last month, the Financial Supervisory Commission (FATF) newly announced a guideline line to clarify the law on the supervision of cryptocurrency assets aimed at preventing money laundering or terrorist funding. The guidelines call for FATF member countries to tighten regulations, including the sharing of customer information with authorities on the virtual currency exchange.

The Canadian government's announcement has accelerated efforts to clarify regulations on virtual currencies around the world

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