Bitcoin Foundation Canada: Regulations Won’t Go into Effect until 2015
FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) is working on a regulation plan for Money Services Businesses (MSBs) dealing in virtual currencies, a series of rules that will most likely come to force in 2015. The Canadian financial regulator said that changes to the Proceeds of Crime and Terrorism Financing Act, a list of rules that facilitate combatting the laundering of proceeds of crime and combating the financing of terrorist activities, "will aim to cover entities such as virtual currency exchanges, not individuals or businesses that use virtual currencies for....
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http://www.youtube.com/watch?v=3BKawxWMfbA. From video description: Michael Perklin (Bitcoin Alliance of Canada), Francis Pouliot (Bitcoin Embassy/Bitcoin Foundation Canada), Jillian Friedman (Bitcoin Foundation Canada), Guillaume Babin-Tremblay (Bitcoin Foundation Canada), Stuart Hoegner (Bitcoin Alliance of Canada).
Despite the recent controversies that have cast a shadow on the international chapter of the Bitcoin Foundation, its local affiliate chapters are in the midst of developments that are highlighting the organisation's purpose in both the bitcoin industry and the world at large. In Canada, the foundation is growing, and those who are getting involved in the structure are hopeful about its ability to positively influence the local bitcoin space. The Canadian Chapter of the Bitcoin Foundation (hereon referred to as Bitcoin Foundation Canada) recently elected two new members to its board of....
A new report on Bitcoin regulations in Canada, claims that sweeping legislative efforts should hold still. The report concedes that regulations are necessary, but determined that new legislative measures would be excessive. Canada’s traditional laws already address criminal activities, they found. Bitcoin runs frequently runs into this problem. Legislators are often tempted to support heavy-handed regulations—stricter than the laws already in place. This is partly to purge illicit activity: money laundering, drug purchases, and fraud associated with the new payment method. But they fail to....
Earlier today, NEWSBTC and a number of other publications posted about an economic note on bitcoin regulation by David Descôteaux of the Montreal Economic Institute. Descôteaux's report suggested that bitcoin would require regulation in order to thrive, but according to the Canadian Bitcoin Foundation, they would much prefer if the government kept out. In an statement issued on Thursday, Bitcoin Foundation Canada welcomed the publication of the report, but fundamentally disagreed with points made by Descôteaux. "Government intervention is not required for Bitcoin to develop and become....
With news today that Canada is regulating bitcoin at the national level, gambling websites Just-Dice and Doge-Dice (under same ownership and presumably run from Canada) have announced that they are ceasing account depositing and betting for the foreseeable future. The news comes from the sites' official blog in a post made by a staffer that simply goes by 'Deb': As some of you know and many of you are going to find out, we have determined that the best course of action following Canada's new regulations regarding 'online currency' is to temporarily disable betting and depositing on both....