Canada Starts Bitcoin Regulation: Virtual Currencies Mentioned In 2014 Budget Implementation Bill
There's A Virtual Currency Provision In The 2014 Federal Budget Implementation Act. Last Friday, Canada's new Minister of Finance Joe Oliver presented the first of two 2014 budget implementation bills to the House of Commons. The bill, that was tabled, was written by recently-resigned former Minister of Finance Jim Flaherty. Flaherty has previously revealed his negative view on Bitcoin in a speech about his 2014 budget implementation plans. As has become increasingly prevalent in the last few decades, the biannual budget implementation bill often becomes bloated with “unrelated measures”....
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Canada has taken an ambitious step by implementing a national law that would regulate bitcoin at the national level. People in community have debated whether these types of regulation are needed at the moment because Bitcoin is still such an infant technology. From the looks of it, the implementation of this bill may have come too soon and will definetely affect Bitcoin business in Canada. Christine Duhaime of Duhaime law reviews the amendments Bill C-31 and how it amends Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Regulates Bitcoin as MSB - Bitcoin dealing,....
Andreas M. Antonopoulos promoted Bitcoin at the 11th meeting of the Canadian Senate Committee on Banking, Trade and Commerce, on October 8th, 2014, dedicated to the Committee's study on the use of digital currency. In Canada, the public debate surrounding Bitcoin and cryptocurrencies is currently being formalized as the official "Study on the use of digital currency", a consultative exercise conducted at the initiative of the Senate of Canada's Banking, Trade and Commerce committee. Although the Senate of Canada exerts less authority than the House of Commons, its standing committees have....
The Parliament of Canada has passed a bill that amends the country's Proceeds of Crime (Money Laundering) and Terrorist Financing Act of 2000 to extend to both foreign and domestic businesses working in the bitcoin and digital currency sectors in Canada. Bill C-31, known formally as "An Act to Implement Certain Provisions of the Budget Tabled in Parliament on February 11, 2014", has potentially far-reaching implications for all bitcoin businesses currently serving the Canadian market, and was first introduced in March. On 19th June, it received Royal Assent, thereby officially becoming....
Signals are emerging that Canada is about to tighten its grip on bitcoin and other decentralized digital currencies. The country's finance minister Jim Flaherty singled out bitcoin by name in his federal budget today, and announced forthcoming laws that would regulate it. "It is important to continually improve Canada's regime to address emerging risks, including virtual currencies, such as Bitcoin, that threaten Canada's international leadership in the fight against money laundering and terrorist financing," said Flaherty in the budget document. The budget went on to promise "anti-money....
The gloves are off for Bitcoin legality – Canada has implemented what is the first official national law on Bitcoin use. Its signing was quiet, notes Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist of Duhaime Law. Last Thursday, royal assent was given by Canada’s Governor General to the discretely-named Bill C-31, An Act to Implement Certain Provisions of the Budget Tabled in Parliament on February 11, 2014 and Other Measures (“Bill C-31“). 1. Regulates Bitcoin as MSB – Bitcoin dealing, more specifically referred to as “dealing in virtual....