Cryptocurrency is more than just news these days, and it’s now a culture with a large following. Natural and juristic persons follow it, and everyone wants to participate in the following significant innovation.
By definition, cryptocurrencies are digital assets secured by cryptography and used as a medium of exchange, i.e. currency, through a computer network that is not reliant on any central authority like fiat currencies.
In other words, cryptocurrencies are virtual currencies that operate on a decentralized blockchain network, making it nearly impossible to counterfeit or double-spend. Moreover, anyone can purchase cryptocurrencies on crypto exchange platforms like Buy Bitcoin.
Coinberry is a Toronto-based crypto exchange platform established in 2017. It offers a variety of crypto assets for trading and investments. It also has other perks that make it the toast of crypto exchange platforms in Canada.
The Global Dilemma of Cryptocurrency Regulation
The decentralized nature of cryptocurrency has been argued by many to allow nefarious financial activities to go unchecked. There have been suggestions that it can be used for money laundering and funding numerous illegal acts. While some have called for its outright ban, others have called for its regulation.
However, its decentralized nature has made it challenging to develop a uniform regulation that checks every crypto activity. Many have opined that crypto is unchartered territory, and the world needs time to weigh the pros and cons before banning or regulating it.
In addition, a tricky element of cryptocurrency is that it is neither a sovereign currency nor a traditional investment mechanism. Still, it has the element of both in it, and this has put regulators in a dilemma.
However, one thing is clear; every country is saddled with formulating relevant regulations for its domestic economy. As a result, crypto regulations have taken different forms. Moreover, countries have developed different ways of checking crypto activities, carefully considering their impact on the local and global economies.
One common form of regulation that most countries are now seen adopting is the decentralized nature of cryptocurrency. Some countries have attempted to create their own cryptocurrency to supplement their national currency. Whether this will work in the long term is yet to be seen.
Cryptocurrency Regulation in Canada
Canada is at the forefront of checking cryptocurrency transactions through its financial and regulatory policies regarding cryptocurrency regulation. Canada is the first country to approve Anti-Money Laundering related regulations for crypto service providers. The government also applied the money services businesses provincial security laws to cryptocurrencies.
Canada has also been taxing income from cryptocurrencies. In 2014, It promulgated its first national law that applied to digital currency named the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. This law applies to both Canada-based and external crypto exchanges that direct services to Canadians. In addition, the Canadian Securities Administration (SCA) announced in 2017 that the securities laws at the time regulated cryptocurrencies also.
For crypto exchanges like Coinberry, Canada applies the same regulations to money service businesses. This entails requesting the same due diligence details for reporting, record keeping and verification as money service businesses do.
In 2021, a law was passed mandating all crypto exchange platforms in Canada to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). They must also comply with market valuation requirements and applicable margins.
How Coinberry Became the First Regulated Crypto Platform in Canada?
As can be testified by parties involved, getting regulated and being the first crypto exchange platform to do so in a country like Canada is no mean feat. Coinberry is the first crypto exchange platform to be regulated in Canada and second overall to be fully registered in all the provinces and territories in Canada.
Coinberry started the registration conversation with FinTrac before it became mandatory. This shows their level of transparency and commitment because, at the time, cryptocurrency was a nascent industry with many unknown variables.
In 2018 and 2019, FINTRAC visited their offices, where both parties discussed the regulatory business at further length. In 2020, Coinberry filed before the Ontario Securities Commission (OSC). A session with the Canadian Securities Administrators had all provincial regulators present.
And eight months later, Coinberry received its registration exemption relief status. Again, it was a three-year race that earned Coinberry this prestige status.
The Benefit of Using a Regulated Coinberry Platform
Safe and Secure
Besides its numerous security features, Coinberry is also federally registered, which gives it all the credibility you need. It is FINTRAC registered and complies with all regulations with proper fraud monitoring, reporting and user onboarding.
To store your digital assets, Coinberry uses the industry-standard cold storage infrastructure. CAD assets are stored with Schedule 1 Canadian Banking partners. With a zero-tolerance policy to fraud, you are rest assured of a safe and secure transaction, and the safety of your stored digital assets is guaranteed.
Coinberry does not store users’ information on servers outside Canada for extra security. Instead, it uses military-grade encryption for data-in-transit and data-at-rest. It also undergoes third-party financial statement audits annually. All these combine to make it a trustworthy crypto exchange platform and why the regulators had no choice but to register Coinberry.
Coinberry is a trusted and reliable crypto exchange platform in Canada where you can buy digital currencies and enjoy benefits like:
- Price alerts – The Coinberry mobile app offers price alerts for every change in the coin price of your choice. You can do this by simply going to the Settings section click on the price notifications. Then you choose the buy or sell alert tab and then choose the coin you want to get price notification on. Then you enter the price at which you want to be alerted.
- Autopilot – This allows you to make automatic purchases of cryptocurrency. Go to the AUtoPilot tab on the main navigation menu and choose the coin, amount and frequency you want to purchase the coin. Then you select the Activate button and Reset to stop this feature.
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