The Canada Revenue Agency (CRA) is cracking down on crypto, going after C$54m ($39.5m) in suspected unpaid taxes. It is also launching investigations into hundreds of crypto investors. The National Post reported Monday that Sahil Behal, a director general at the CRA’s compliance branch, revealed the agency is currently conducting around 400 audits on crypto-related activities.…
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Crypto exchange Coinbase is planning to offer a Canadian dollar stablecoin on its platform shortly after receiving an official license to operate within Canada. In a Twitter update on Monday, the company said it had added QCAD (QCAD) to its listing roadmap – a CAD-pegged stablecoin that was “re-launched” by Canadian fintech firm Stablecorp last…
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Nearly four in ten Canada-based institutional investors had exposure to crypto assets in 2023, KPMG survey finds. This marks a significant recovery from the 2022 market slump. The KPMG in Canada and CAASA survey highlighted that 39% of (or nearly 4 in 10) Canadian institutional reported having direct or indirect exposure to crypto assets in…
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Canada is set to become one of the first nations to adopt the International Crypto-Asset Reporting Framework (CARF) for taxation by 2026, as outlined in a supplement to the country’s 2024 annual budget, as reported by the National Post on April 16. Crypto Tax Reporting In Canada The Organisation for Economic Co-operation and Development (OECD)…
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The price of Bitcoin (BTC) now trades at an all-time high against the Canadian dollar roughly seventeen months after the nation’s leader slammed digital currencies as an “irresponsible” investment. The asset soared to over $91,500 CAD when the stock market opened on Monday, shattering its previous record of $86,954 established on November 10, 2021. Ten…
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Balance, a digital asset custodian based in Canada, has revealed that it has once again achieved $2 billion in assets under custody (AUC) amid the recent recovery in crypto markets. With Bitcoin’s (BTC) value more than doubling over the past year and crossing $1 trillion in market cap, Balance has seen a resurgence in its crypto assets,…
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Get your daily, bite-sized digest of blockchain and crypto news – investigating the stories flying under the radar of today’s news. In today’s crypto news: Canada’s EQ Bank Partners with Trulioo for Identity Document and Biometric Verification New Security Database Tracks Million Dollar Hacks Spot Volumes Rise for the Fourth Consecutive Month __________ Canada’s EQ…
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Source: Pixabay The number of Canadian cryptocurrency users has dropped in 2023 due to bear market fears and wider macroeconomic factors, a new survey shows. A Crypto Asset Survey published by the Ontario Securities Commission (OSC) was conducted to show consumer interaction with virtual assets, investment experience, major drivers, and key market determinants. According to…
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People who were aware of CBDCs were more reluctant to adopt the technology when compared with those who didn’t know about it. A recent public consultation on Canada’s central bank digital currency (CBDC) initiative revealed an overall negative sentiment from Canadians, confirming the Bank of Canada’s concerns around its country-wide adoption. Through the “Digital Canadian…
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The Canadian Office of the Superintendent of Financial Institutions is following a Basel model for its disclosure requirements. Canada’s Office of the Superintendent of Financial Institutions (OSFI) has opened a consultation period on crypto-asset disclosure requirements for federally regulated financial institutions. The consultation was foreseen in the 2023 federal budget, but its timing is tied…
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