Foundation Report Discourages BitLicense-Style Bitcoin Regulations in Canada
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....
Related News
On July 17, New York became the first state to attempt to regulate Bitcoin and other forms of cryptocurrency (referred to as virtual currency in the proposal). New York Department of Financial Services (NYDFS) Superintendent Ben Lawsky announced the so-called BitLicense proposal on Reddit. While some in the Bitcoin community welcome regulation as a validation of Bitcoin's right to exist, the majority oppose it as the first roots of centralization. Beginning July 24, the public will have 45 days to give feedback to New York state regulators before the BitLicense draft is finalized. In true....
While most governments have been taking steps to regulate the bitcoin industry and others declaring a completely close-minded stance against digital currencies, Canada's Senate decided to vote against bitcoin regulation. The Canadian Senate's Banking, Trade and Commerce (BTC) committee released its findings last Friday and asked the federal government to use a "light touch" in dealing with digital currencies. The report indicated that legislators have acknowledged that the bitcoin industry is still young and developing so they'd like to see a more nurturing environment instead of one that....
The Electronic Frontier Foundation explained their position in regards to New York's proposed BitLicense on Wednesday, and the organization that is known for defending individual rights on the Internet did not have many kind words to say about the possible regulations. Also read: Bitcoin Foundation Condemns Lack of Transparency in New York BitLicense. The point of the post by the EFF was to reach out to their community and find people who would be willing to sends comments to the New York Department of Financial Services. Rainey Reitman, the author of the post on the EFF's website, made it....
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).
BitLicense has been there on the news for a while now and recently the outgoing superintendent of New York State Department of Financial Services (NYSDFS) announced the final version of the BitLicense. By finalizing the BitLicense after almost a year of deliberations and amendments, NY became the first State in the United States to regulate cryptocurrency based businesses. Once the BitLicense regulations come into effect in full force, any Bitcoin or digital currency related business wishing to set shop in the State of New York would have to gain approval from the NYSDFS after meeting all....