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Update to the FINTRAC web reporting system – Large virtual currency transaction reporting

As of June 1, 2021, reporting entities have the obligation to submit Large Virtual Currency Transaction Reports (LVCTR) to FINTRAC when they receive virtual currency in an amount equivalent to $10,000 or more in a single transaction (the 24-hour rule may apply). They can submit those reports via the FINTRAC Upload, and starting on September 25, reports can be submitted via the FINTRAC web reporting (FWR - formerly F2R).

As per the Notice on the assessment of obligations coming into force on June 1, 2021, FINTRAC has provided reporting entities with the flexibility to complete the implementation of their large virtual currency transaction reporting system as soon as possible and no later than December 1, 2021. Reporting entities that intend to report large virtual currency transactions via FWR are expected to start submitting all large virtual currency transactions, including those unreported transaction for the period starting June 1, 2021. For further details and timelines, please consult the Notice on the assessment of obligations coming into force on June 1, 2021. To submit an LVCTR using FWR, reporting entities must login or enroll their organization with FWR.

Also, please note that FINTRAC has updated its guidance on Reporting large virtual currency transactions to include new information on using FWR to submit LVCTRs. To view the updated guidance, please see the electronic reporting information in Section 3: ‘How do I submit LVCTRs?’

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