Canada’s Deputy Prime Minister Chrystia Freeland announced the new regulation on Monday as part of the Emergencies Act.
“We are broadening the scope of Canada’s money laundering and terrorist financing rules. The new regulation will include “crowdfunding platforms and the payment service providers they use. These changes cover all forms of transactions, including digital assets such as cryptocurrencies.” she commented.
Moreover, the new legislation will require crowdfunding platforms and payment providers to register with the nation’s financial regulator Fintrac. They will also have to report “large and suspicious transactions” to the watchdog.
‘Freedom Convoy’ Protest
The move is a response to the ongoing protests across Canada against the nation’s COVID-19 measures. Starting as a protest by truckers against vaccine mandates, it has turned into a revolt against the government.
The protesters have opted to blockade the nation’s roads and cities, a move which the government calls illegal. As a response, Canada’s Prime Minister Justin Trudeau has invoked the Emergencies Act. It allows for a temporary suspension of the right of free movement and assembly.
Crypto Financing
The act also allows authorities to freeze accounts and seize assets. Earlier, they took action to suspend the inflows of funds to the organizers, including many donations from supporters.
The protesters raised $7.5 million on the crowdfunding platform GoFundMe before it shut down the fundraiser. They have since moved to other crowdfunding platforms, as well as crypto.
Many cryptocurrency supporters said that actions by GoFundMe and the Canadian government show why digital assets are essential. Centralized services are much easier to control, highlighted by the most recent events.
Support for Protests
The Canadian government faced criticism for its response to the protests at home and abroad.
Most recently, El Salvador’s President Najib Bukele scolded the authorities, indicating that they have zero credibility when it comes the democracy and freedom.
Are these the people who like to give lessons to other countries about democracy and freedom?
This is one of the top ranking countries in the “democracy index”?
Your credibility on these topics is now worth 0.pic.twitter.com/wCjh9bXwDt
— Nayib Bukele
(@nayibbukele) February 15, 2022
Earlier, Tesla CEO Elon Musk praised the protesters, tweeting that Canadian truckers rule. He also said, “if you scare people enough, they will demand removal of freedom. This is the path to tyranny.”
