Canada Invokes its Emergency Bill Requiring Crypto Payment Providers to Register with FINTRAC

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Today’s Cryptocurrency Headline

Canadian Prime Minister Justin Trudeau has invoked the country’s Emergency Act for the first time in response to ongoing lockdown restrictions in response to COVID-19. Under the act, crowdfunding platforms and their associated payment service providers, including cryptocurrencies, must now register with the Financial Transactions and Reports Analysis Centre of Canada(FINTRAC). It is unclear whether the emergency bill will have a long-term impact on crypto payment providers. The federal government is expanding anti-money laundering and counter-terrorism financing rules to cover the crowdfunding platforms and payment providers they use, Finance Minister Chrystia Freeland said on Monday. 

BingX’s Bitcoin Chart

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According to Bloomberg senior ETF analyst Eric Balchunas, after the SEC started receiving comments and feedback on Grayscale’s Bitcoin Trust conversion to a spot exchange-traded fund (ETF), 95% of the feedback are in favor of Grayscale’s Bitcoin Trust converting to spot ETF. BTC rose 4.8% over the last 24-hours after the buyers held the $40,000 psychological support level. The next major resistance area will be the $46,000 – $48,000 zone and the 200-day moving average ($49,410). BTC could reach $51,000 if the cryptocurrency successfully breaks and consolidates above these two levels.

 

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