- Canadian police report a rise in home invasions targeting wealthy crypto investors, urging heightened security.
- Authorities suspect a gang targeting high-net-worth crypto investors across Canada, prompting ongoing investigations.
- Kraken and Coinbase push for stronger crypto regulations as Canada’s digital asset framework evolves ahead of 2025 elections.
Canadian police have reported an increase in house invasions that target rich cryptocurrency investors. Over the course of the previous year, numerous reports of break-ins have been received by Delta Police and the Royal Canadian Mounted Police (RCMP). Police believe that the individuals committing these attacks are those who closely monitor their targets in an attempt to steal digital assets.
The RCMP’s Staff Sergeant Gene Hsieh observed that burglars appear to have inside information about their victims, indicating that they may have been under observation. Even though one person has been arrested as part of the ongoing investigation, it is yet unknown whether the suspect is connected to any other events. There are increasing suspicions that a gang may be active throughout Canada and that they are primarily after cryptocurrency investors.
Regulatory Push by Crypto Exchanges
The rise in these criminal activities coincides with Canada’s efforts to enhance its regulatory framework for digital assets. As the 2025 elections approach, crypto exchanges like Kraken and Coinbase are lobbying for greater cooperation with lawmakers.
The CEO of Coinbase for Canada, Lucas Matheson, stressed that legislators are still learning about the value of digital assets. Coinbase has therefore started its “Stand With Crypto” campaign to include the cryptocurrency community in the legislative process. Similar remarks were made by Alex Mehrdad, general manager of Kraken for Canada, who noted regular meetings with regulators to progress the framework.
Evolution of Canada’s Crypto Regulations
Canada has taken steps to regulate cryptocurrencies, particularly in the wake of QuadrigaCX’s 2019 bankruptcy. Cryptocurrency exchanges have since been forced to register as “restricted dealers,” guaranteeing adherence to anti-money laundering (AML) and know-your-customer (KYC) laws.
Coinbase and Kraken are working hard to become fully registered dealers in Canada. They also intend to add other services, such as custody for digital assets and stablecoins. The Canadian economy is beginning to see a good shift with the increasing incorporation of cryptocurrencies. However as digital assets become more widely used, investors and law enforcement continue to be extremely concerned about the possibility of targeted criminality.
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