Virtual Asset (Crypto) Regulation
Provincial regime for virtual asset service providers
📋 Intended Outcome
A BC regulatory regime for virtual asset service providers (VASPs) closes a rapidly growing money laundering vulnerability not fully addressed by federal law.
🏛️ Provincial Action (BC)
Consultations were initiated in 2023. No dedicated BC VASP regulatory regime has been enacted as of May 2026. BCFSA and the BC Securities Commission continue to study the issue.
🇨🇦 Federal Action Needed / Taken
FINTRAC has regulated VASPs under PCMLTFA since 2020. A federal framework exists but BC-level enforcement, training, and intelligence capacity remain absent.
Analysis
The Cullen Report identified cryptocurrency as a rapidly growing money laundering vulnerability. Despite consultations, BC has not enacted provincial VASP regulation. The AML Commissioner's 2025 annual report flagged crypto regulation as an unresolved risk.
⚠️ Risk / Outstanding Issues
This is the most significant outstanding gap in BC's AML framework. Crypto-based laundering is growing globally. Further delay leaves BC increasingly exposed.
⚖️ Important Disclaimer
This page is a public-interest summary. It is not a legal document and does not constitute legal, financial, or regulatory advice. Implementation statuses reflect publicly available information as of May 2026.