Proposed Regulations Could Cause Major Shifts in Canadian Crypto Businesses


Canada’s government has released draft regulations for “virtual currencies” with a consultation period of 90 days, saying that proposed regulatory changes could mean a loss of $60 million over 10 years for businesses that deal in cryptocurrencies but will improve Canada’s international reputation and make it easier for crypto businesses to deal overseas.

The Canadian crypto business community is still assessing the new proposed regulations but a number of experts have told Bitcoin Magazine that the impact on the community will be “massive” and “significant” and may result in a shake‐up and consolidation of companies, including blockchain companies currently in the space.

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