Canadians looking for love on dating apps and websites this summer need to be on high alert, as crypto scammers are actively targeting them. These scams, known as pig butchering scams or romance scams, as well as investment scams, have seen a significant increase in recent times, prompting warnings from the Canadian Anti-Fraud Centre (CAFC) and the Canadian Investment Regulatory Organization (CIRO).
Scammers often initiate conversations with potential victims on dating platforms and then urge them to switch to private messaging services. The authorities have cautioned Canadians to be cautious of individuals who bring up discussions about crypto trading or investments.
Typically, victims are presented with unrealistic crypto investment schemes promising high returns. The scammers create fake investment platforms and convince victims to invest their money, only to lock them out of their funds once their personal information is compromised. In some cases, victims are allowed to withdraw small amounts of money initially to maintain the appearance of legitimacy.
It is crucial for Canadians to report any instances of fraud to the CIRO, CAFC, and local law enforcement. In 2023, known investment frauds cost Canadians a staggering $309.4 million, with social media-related frauds alone accounting for $172 million.
In other news related to crypto in Canada, the country is expected to implement the international Crypto-Asset Reporting Framework (CARF) for taxation purposes by 2026, as outlined in the 2024 annual budget supplement. This framework will impose new reporting obligations on crypto asset service providers (CASPs), including cryptocurrency exchanges, brokers, dealers, and automated teller machine operators. CASPs, whether individuals or businesses, will be required to obtain and report customer information such as name, address, date of birth, jurisdiction(s) of residence, and taxpayer identification numbers.
Furthermore, the supplemental report identified stablecoins, certain nonfungible tokens, and derivatives issued as crypto assets. The aim of CARF is to enhance transparency and regulatory oversight in the crypto industry.
In the world of blockchain, Ronin has seen a surge in daily users, thanks to its integration with bots and airdrops. This has propelled Ronin to become the second most popular blockchain platform for daily users, attracting not only fans of digital art but also those interested in the broader crypto space.