Declaration of Emergency committee  Thank you. Good evening.

Declaration of Emergency committee  Monitoring virtual currencies is part of what we do in the compliance function and ensuring that we have oversight. It's relatively new. It came into force in June 2020, so we are conducting some examinations to take a look at how reporting entities comply and how they report on

Declaration of Emergency committee  Mr. Chair, we have the ability, as of last year, to regulate virtual currency.

Declaration of Emergency committee  Mr. Chair, what was added was the fact that we had crowdfunding and payment service providers added as reporting entities.

Declaration of Emergency committee  Mr. Chair, I don't believe we had necessarily a sense of cryptocurrency, per se. There were concerns about crowdfunding and payment service providers. Those were addressed as part of the Emergencies Act.

Declaration of Emergency committee  Mr. Chair, I'm not in the position to comment on that. I'm not aware of that. It was solely the whole issue surrounding the fact that there was a gap with payment service providers and crowdfunding. That was addressed as part of the act.

Declaration of Emergency committee  Mr. Chair, yes, that's correct. The Canada Gazette on April 27 added those business offerings of crowdfunding platforms and payment service providers as part of reporting entities, as well as businesses located in foreign jurisdictions that meet those criteria as set out in the a

Declaration of Emergency committee  We have an international supervisory forum where we share leading practices and experiences. It's still early days, so we will certainly continue to have dialogue to understand how other jurisdictions are making this work. As my colleague Mr. Brazeau said, we are the first who

Declaration of Emergency committee  Thank you, Mr. Chair. I'd like to say that we took every opportunity. In having preliminary discussions, we had a number of calls and queries from those who weren't quite sure if they fell under the auspices of what was required. We answered questions. What we tried to do was ta

Finance committee  I'll start my response. I'd like to invite my colleague to comment afterwards if he wants to do so. As I explained earlier, since we're a small agency, we're agile. This was a national crisis and we responded with substantial resources. That's part of our daily work. When needs

Finance committee  Mr. Chair, I think some of that is answered by having robust compliance programs. Whether we're talking about credit unions or financial institutions, we go to great lengths in education and strongly endorsing the requirement to put a robust compliance program in place: appointin

Finance committee  Mr. Chair, thank you. With regard to looking at the gaps and at the regime and our regulatory partners, we are having conversations with them. Additional gaps and policy gaps come under the purview of our colleagues at the Department of Finance. I think that question would be

Finance committee  Information disclosed or received by FINTRAC with legal authority while the order was in effect will be treated in accordance with our legislation and the Privacy Act. We have rigid safeguarding of personal information. That's critical to the way FINTRAC operates. It's hard-wired

Finance committee  I believe the initial act of registration and the conversations that were had meant that a number of crowdfunding platforms as well as payment service providers paid attention. They started to question. They came to us and wanted to understand what was required of them, what they

Finance committee  Maybe I'll just step back a little bit. When we look at supervision or regulation, we really do keep Canadian business first and foremost in our minds. We look at the need for policy change, the burden on business and privacy implications. Those three areas always come into play.