Gate News: On March 19, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) revoked the registration of 23 cryptocurrency service providers in a law enforcement action. The Canadian Finance Minister stated that this crackdown marks a significant acceleration in enforcement efforts, and the government will maintain this momentum. Among the affected companies, two operate entirely under foreign jurisdiction. FINTRAC’s website shows that registrations may be revoked for various compliance failures, including failure to respond promptly to information requests, not meeting registration qualifications, and not updating records in a timely manner. Prior to this enforcement action, Canada had adopted increasingly strict attitudes toward cryptocurrency compliance. The Finance Minister said the government will continue monitoring and implementing new measures to address the risks posed by cryptocurrency businesses such as crypto MSBs and crypto ATMs.
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