Canada Bolsters Crypto Regulatory Framework with Enhanced Reporting Measures in 2024 Budget

Canada Bolsters Crypto Regulatory Framework with Enhanced Reporting Measures in 2024 Budget



Canada has escalated its regulatory oversight of cryptocurrency operations as per its 2024 federal budget announced on April 16. The forthcoming legislation will implement the Crypto-Asset Reporting Framework (CARF), sanctioned by the Organisation for Economic Co-operation and Development (OECD) in August 2022. This initiative responds to the G20's 2021 directive for the OECD to craft a framework to facilitate the automatic exchange of tax information related to crypto assets.



Under the new regulations, all entities engaged in crypto asset services, including exchanges, brokers, dealers, and ATM operators, must annually submit detailed transaction records to the government. The required disclosures encompass transactions across various cryptocurrencies, transactions between cryptocurrencies and fiat currencies, and transfers of


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