Canada's government has announced plans to ban cryptocurrency ATMs nationwide, citing their widespread use in fraudulent activities. The move aims to address the country's reputation as a hub for crypto-related scams.
A study by the Financial Transactions and Reports Analysis Centre of Canada found that nearly 4,000 crypto ATMs are currently operational in Canada, making it the highest number per capita globally. These machines allow users to convert cash into cryptocurrencies such as Bitcoin with limited identity verification, which has led to concerns over money laundering and other illicit activities.
Separately, lawmakers have advanced Bill C-25, which aims to restrict digital asset donations in federal elections. The proposed legislation would prohibit political parties, candidates, and associated entities from accepting crypto donations due to difficulties in verifying donor identities and tracing the origin of funds.