OTTAWA — The federal government plans to ban cryptocurrency ATMs as part of a suite of measures in its spring economic update that target financial crimes.
The government says scammers use the ATMs to defraud victims, while criminals use them to convert the proceeds of crime.
The document outlines other measures to tackle criminal use of businesses that provide services like currency exchanges and digital payments.
The government is also allocating $352.7 million over five years, and $82.1 million in ongoing funding, to the previously announced Financial Crimes Agency.
It’s also allocating additional funding for the Public Prosecution Service of Canada, the Department of Finance and Canada’s financial intelligence agency.
The government says Justice Minister Sean Fraser will also look at introducing criminal justice reforms targeting complex financial crimes.