Brunei vs Canada
Crypto regulation comparison
Brunei
Canada
Restricted
Legal
Brunei has no specific cryptocurrency legislation. The BDCB (formerly AMBD) stated in 2017 that crypto is not legal tender and not regulated, warning the public about risks. Crypto is not banned but has no legal protection. No tax guidelines address crypto specifically.
Canada has a well-developed regulatory framework for cryptocurrency. Crypto trading platforms must register with provincial securities regulators through the CSA, and all crypto businesses must register as money services businesses (MSBs) with FINTRAC. Canada approved spot Bitcoin ETFs in 2021, ahead of most other countries.
Tax Type
None
Tax Type
Capital gains
Tax Rate
N/A
Tax Rate
0-26.76%
Exchanges
No
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Brunei Darussalam Central Bank (BDCB, formerly AMBD)
Regulator
CSA, FINTRAC, OSC, AMF
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
CSA guidance requires stablecoins to maintain adequate reserves; value-referenced crypto assets regulated
Key Points
- BDCB stated in 2017 that crypto is not legal tender and not regulated
- Crypto not recognized as legal tender
- No specific cryptocurrency legislation
- Financial institutions discouraged from dealing in crypto
- No tax guidelines specifically address cryptocurrency
Key Points
- Crypto trading platforms must register with CSA provincial regulators
- All crypto dealers must register as MSBs with FINTRAC for AML/KYC compliance
- 50% of capital gains are taxable; business income from crypto is fully taxable
- Canada approved spot Bitcoin and Ether ETFs in 2021, the first major country to do so
- CSA issued Staff Notice 21-327 on obligations for crypto trading platforms