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Canada's Trudeau Enacts Emergencies Act, and Crypto Is Included
The move by the prime minister includes an expansion of money-laundering laws to include crowdfunding platforms and cryptocurrency transactions.
Updated May 11, 2023, 4:43 p.m. Published Feb 15, 2022, 1:52 a.m.
Responding to the now weeks-long, trucker-led protests that have snarled streets in Ottawa and blocked key crossings at the U.S.-Canada border, Canadian Prime Minister Justin Trudeau this afternoon invoked the Emergencies Act for the first time since the law was passed in 1988.
"This is about keeping Canadians safe, protecting peoples' jobs and restoring faith in our institutions," said the prime minister. Though the Emergencies Act allows for the military to be called in, Trudeau, for now, said he has no plans to do so.
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The government instead appeared set to take aim at protester finances. Speaking alongside Trudeau, Deputy Prime Minister Chrystia Freeland said banks can immediately freeze or suspend bank accounts without a court order and without fear of civil liability.
In addition, the government is broadening the scope of Canada's anti-money laundering and counter-terrorist financing rules to now cover crowdfunding platforms and the payment service providers they use. These changes, said Freeland, cover all forms of transactions, including digital assets such as crypto.
The Tallycoin bitcoin fundraiser had reportedly raised more than 20 bitcoin – or nearly $1 million – for the truckers. The organizers have shut down the fundraising page, and are asking for all to "stay tuned" about next steps.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
What to know:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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