Canadian tax authorities want to obtain client information from Bitcoin beurs via right

The Canadian tax authorities are going to court. In this way, the government agency wants to force the bitcoin exchange Coinsquare to share customer information. That is reported by National Post.

Coinsquare was previously fined $1.6 million for Bitcoin Evolution wash trading. The tax authorities feel that they do not share enough information.

Information from 2013 onwards

If the tax authorities are proved right in court, Coinsquare will have to share information and certain documents from their clients. That may be a long list, as the company has been in existence since 2013.

Stacy Hoisak, Coinsquare’s CEO, responds to the allegations:

„Coinsquare has a solid verification process and we know that our customers comply with all Canadian laws related to cryptocurrency trading.

Bitcoin and Canada

In Canada, the first Bitcoin fund was also launched this year. Asset manager 3iQ launched a financial product around bitcoin on the Toronto Stock Exchange (TSX).

Rules

Globally, governments and other agencies are becoming increasingly stringent for bitcoin companies. More and more information is being requested from companies under the guise of anti-money laundering rules and other criminal activities.

In Canada, bitcoin companies are officially recognised as money service companies. That sounds like fun, but you have to comply with all the rules that go with it.

In the Netherlands, too, the rules and guidelines are becoming more and more concrete. In fact, the deadline for registration with De Nederlandsche Bank (DNB) is 21 November. DNB is the regulator in the Netherlands for the bitcoin industry.

25 Bitcoin companies have recently spoken out against too hard demands from DNB. Other parties have now passed the inspection. These are AMDAX, Anycoin Direct, Blox, LiteBit and Coinmerce. They comply with the guidelines of the central bank and are therefore able to breathe calmly for the time being when it comes to compliance.