Canada’s Emergencies Act looks to quash donations via crypto

2 years ago 86

Canadian prime minister Justin Trudeau has enacted the Emergencies Act for the first time after failing to subdue the ongoing trucker blockades against COVID-19 health measures. Among other things, the latest move will enable Canadian authorities to monitor and restrict protester finances, including cryptocurrencies, going through protesters’ bank accounts.

Mass protests have taken place in Canada over the past few weeks after an organized convoy of truck drivers began protesting against the COVID-19 vaccinate-or-quarantine mandate for cross-border drivers in the capital city Ottawa. The protests have resulted in heavy traffic on the capital streets and blocked roads leading to the U.S. border.

With the enactment of the Emergencies Act, the Canadian government can now allow financial institutions to suspend or freeze personal or corporate accounts that are believed to be associated with protestors’ accounts.

The authorities are also mandating crowdfunding platforms and payment services providers to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This also includes crypto payment providers and crowdfunding platforms, such as the Tallycoin BTC fundraising platform, which saw donations of about 22 bitcoins raised by the HonkHonk Hodl group.

“These changes cover all forms of transactions including digital assets such as cryptocurrencies,” said Canada Deputy Prime Minister Chrystia Freeland said during a press conference Monday. “The illegal blockades have highlighted the fact that crowdfunding platforms and some of the payment service providers they use are not fully captured under the Proceeds of Crime and Terrorist Financing Act.”

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