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Highlights

• Currently, Canada’s Income Tax Act does not allow charitable virtual currency donations to be tax-benefited like donations of shares, mutual funds, and other non-cash contributions. A Canadian Parliamentarian has introduced a bill to expand the Income Tax Act to include virtual currency donations as an approved tax-benefited category, but the Bill has yet to pass into law.
• Canadian Securities Administrators (CSA) generally require custodians of virtual currencies to have expertise relevant to holding cryptocurrencies. For example, CSA explains, custodians should have experience with hot and cold storage, security measures to keep cryptocurrencies protected from theft and the ability to segregate the cryptocurrencies from other holdings as needed.
• Virtual currencies can be accepted as payment for taxable goods or services in Canada, but doing so entails rigorous record-keeping requirements. If an entity accepts virtual currency as payment for taxable property or services, the value of the virtual currency for tax purposes is calculated based on its fair market value at the time of the transaction, and the receiving and giving entity are both required to keep detailed records of the transaction for cost basis calculation purposes.

Virtual Currency-Specific Regulations

• Canada Revenue Agency,
• Canada Revenue Agency,
• Financial Consumer Agency of Canada,
• Canada Revenue Agency,
• Canadian Securities Agency, (Aug. 24, 2017) (also includes custody requirements)
• Canadian Securities Agency, (June 11, 2018)

Nonprofit Regulations

• Government of Canada,
• Government of Canada,
• Government of Canada, (July 8, 2010)
• Government of Canada,
• Government of Canada,
• Government of Canada,

Tax Regulations

• Government of Canada,
• Canada Revenue Agency,
• Canada Revenue Agency,
• Canada Revenue Agency,

Anti-Money Laundering Regulations

• Two Canadian virtual-currency AML Bills have been introduced and the first even approved, but neither has come into force:
  • Parliament of Canada, (NB: although this bill received Royal Assent in 2014, the rules have not come into force awaiting further regulation, and do not appear to be coming into force soon).
  • Department of Finance Canada,
• Office of the Privacy Commissioner of Canada,
• Department of Finance Canada, (Feb. 2018)
• Government of Canada,

Other Relevant Regulations, Sources, Notes

• Law Library of Congress, (April 2019)
• Global Legal Insights, Blockchain & Cryptocurrency Regulation (2019),
• Library of Congress, (accessed Oct. 2019)