With the recent changes in financial surveillance laws, Canada could make its crypto taxation system permanent. This would affect many cryptocurrency platforms and session owners who are seeking more control over their wealth by owning bitcoin instead of other currencies like USD or EURO.
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The Canadian government is taking severe urgent actions for financial monitoring in the country. As per press conference reviews of Canadian Finance Minister Chrystia Freeland, the government is keen to reconsider monitoring financial transactions forever.
Reaction To Financial Monitory Measures
The federal government’s response to the trucker convoy protest in Ottawa was swift and decisive. They imposed surveillance measures that regulate crowdfunding platforms or cryptocurrencies under terror legislation, such as FINTRAC (Financial Transactions And Reports Analysis Centre Of Canada). Related payment providers were also compelled by law enforcement to command them into registering with FINTRAC.
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The decision to move the vote resulted in large-scale condemnation from critics who said it was undemocratic and an affront to democracy. Law enforcement officials are now looking into these transactions for any clues about possible criminal activity involving cryptocurrency. Several accounts were frozen, crypto donations are now under scrutiny, with law enforcement officials looking into this matter closely.
The financial monitoring measures have affected several honest and innocent individuals. According to True North, one of those affectees is a journalist whose bank accounts were frozen by authorities for the crime of “speaking truth.”. The officials also harass many small businesses on behalf of the cost of this law.
But the statistics reveal that this law failed up to some extent as more people are investing the cryptocurrencies. For example, Purpose’s Canadian Bitcoin Spot ETF saw an inflow of over 1,200 in a day.
The idea behind Bitcoin was to create a decentralized currency immune from governments and their regulations. Canadians believe that crypto is another kind of asset, and their capital in the shape of crypto is much safe from the reach of government regulatory authorities.
Complete Ownership And Control Of Funds
For a long time, Investors have believed that government regulatory authorities don’t have access to digital wallets and recent developments in Canada are samples. The statics show the seriousness of the matter as Canadians are withdrawing money from banks shockingly.
The current law was planned earlier, which is evident from Kraken’s concerns. Kraken, CEO Jessee Powell feared that police might freeze the assets. Kraken raised concerns that crypto exchanges are bound to comply with the rules and regulations of regulatory bodies. It will turn citizens to adopt the decentralized platforms for assuring complete ownership of their capital.
A few analysts make a positive approach and believe that the recent laws can stimulate crypto market growth because every citizen demands a complete grip over the capital.
Featured image from Pixabay and chart from TradingView.com
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