Canada Amends National Law to Regulate Bitcoin Businesses
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....
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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,....
Cryptocurrency regulation in Hong Kong is undergoing changes. The Securities and Futures Commission (SFC) is reportedly introducing a new licensing system to regulate all crypto exchanges operating in Hong Kong. Hong Kong’s New Crypto Regulation The CEO of the SFC, Ashley Alder, talked about implementing a new cryptocurrency regulatory framework at Hong Kong Fintech Week on Tuesday. All cryptocurrency trading platforms operating in Hong Kong or targeting local investors will be required to apply for a license with the SFC, Radio Television Hong Kong (RTHK) reported. “Later....
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....
Canada is showing the world the way forward on marijuana legalization. In Ontario, superior and appellate courts have ruled that Canada’s cannabis laws are null and void. Challenges to change federal law towards decriminalization, on the other hand, have failed. There’s a lesson to be learnt for blockchain regulators here. Nevertheless, Health Canada does regulate cannabis for medicinal purposes in a system industrial nations are looking towards as an example. As well, hemp plant cultivation is legal in Canada for seed, grain and fiber production. Public opinion finds more-and-more....
The Bank of Canada may be starting an initiative that will look into changing their monetary policies. The central bank’s second in command Carolyn Wilkins had some encouraging words to say about Bitcoin. It’s possible they are tired of the results of quantitative easing and manipulated interest rates so they have begun looking into alternative tools that may stave off the financial crisis and a stagnate economy ahead. Canada has always been an innovator when it comes to technology. Wilkins said, “Canada has a history of being a monetary-policy innovator.” and the financial sectors in the....