Little progress made on regulating crypto-assets in Canada

Despite commitments to implement the Crypto-Asset Reporting Framework (CARF) by 2027, Canada’s strides in regulating crypto-assets remain sluggish. CARF establishes a standardized reporting system for crypto-assets across 48 nations with the aim of tracking specific asset types and transactions while defining relevant tax jurisdictions.

“The intent of CARF is to avoid tax evasion and other illicit activities via usage of crypto currencies and assets,” says Katrin Tinn, Assistant Professor of Finance at McGill Desautels, in an interview with Yahoo Finance. But to date, not much has been accomplished.

“It is our impression that this ecosystem or crypto assets in general are not a priority for this government. At least when it comes to engagement with the industry on the regulatory framework. They launched a digitalization of money consultation about two years ago, and that's actually gone nowhere.”