PM Justin Trudeau of Canada has announced that the 1988 Emergencies Act will be invoked by his administration. The Emergency Act provides him the authority to freeze bank accounts and plan to monitor significant and questionable transactions, including monies used for cryptocurrency transactions, amid the Freedom Convoy, a nationwide truckers’ protest.
Crowdfunding sites and payment service providers, including cryptocurrency exchanges and other crypto financing platforms, must register with the Financial Transactions and Reports Analysis Centre of Canada as part of the legislation (FINTRAC).
Canada Is Focusing On Eliminating Crowdfunding
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During a press gathering, Chrystia Freeland, Canada’s Deputy Prime Minister and Minister of Finance announced that the government is expanding the potential of the country’s anti-money laundering, monitoring, and terrorist financing laws to include crowdfunding venues and the payment service providers they use.
The unlawful blockades have highlighted the fact that the profits of crime and terrorist financing legislation do not fully encompass crowdfunding platforms and some of the payment service providers they utilize.
The act, which was signed into law by the Canadian parliament in 1988, also gives the federal government temporary extra powers to respond to public safety, public order, international and war crises. The legislation was enacted in reaction to persistent trucker blockades that have caused substantial disruption in cities across the country, including the country’s capital, Ottawa. It is intended to fight “illegal” demonstrations against Canada’s COVID-19 limitations.
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Blockades have been reported in Canadian cities as a result of huge trucks lining up on the country’s roads and commerce routes with the United States. The blockades are also producing supply-chain bottlenecks across the country, which are having an impact on the Canadian economy.
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