Thank you, Chair, and thank you, Justin.
In short, the regulations coming into force are actually coming into force today, on June 1, 2021. They require businesses to keep records and submit transaction reports as they relate to virtual currency transactions. Those reports would have key identifying information, such as public key and transaction identifier numbers. Also, the business would be required to identify its clients and keep records. There would be a cross-reference between what's available on the blockchain vis-à-vis what's available with the private business. Law enforcement would receive these financial intelligence disclosures from FINTRAC. They would be able to get production orders and get that information directly from the businesses.
In short, there is a layer of anonymity with the blockchain, but because it is a public ledger and everything is immutable and transparent, law enforcement can work backwards. That would be the short answer.
Thank you.