Large virtual currency transactions

If you are a reporting entity (RE) that receives virtual currency (VC), you must send a Large Virtual Currency Transaction Report (LVCTR) to FINTRAC in the following situations:

  • When you receive VC in an amount equivalent to $10,000 or more in the course of a single transaction; or
  • When you receive VC in two amounts or more, within a consecutive 24-hour window, that total the equivalent of $10,000 or more, and you know that the transactions are conducted by or on behalf of the same person or entity, or that the amounts are for the same beneficiary.

You must send an LVCTR to FINTRAC within five working days after the day you received the amount.

You do not have to submit an LVCTR to FINTRAC if the amount of VC is received as compensation for the validation of a transaction that is recorded in a distributed ledger, or is a nominal amount of VC received for the sole purpose of validating another transaction or transfer of information.  

For more information, see FINTRAC's Reporting large virtual currency transactions to FINTRAC.

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