Canada May Adopt Current Financial Monitoring Rules Forever
With the recent changes in financial surveillance laws, Canada could make its crypto taxation system permanent. This would affect many cryptocurrency platforms and session owners who are seeking more control over their wealth by owning bitcoin instead of other currencies like USD or EURO. Related Readings| Canada Emergencies Act Declares War Against Crypto And Freedom […]
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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....
The Montreal Economic Institute has published a research note on bitcoin in which it concluded that the digital currency's future hinges upon its legal status. The institute argues that retailers, consumers and investors need to know that a clear set of rules governing bitcoin is in place. Such rules would bolster confidence and boost adoption, while at the same time speeding up investment in bitcoin companies. However, "the proposed rules must not hamper the use of bitcoin as a means of exchange, either with burdensome taxes or with excessive administrative rules for users," the institute....
As authorities in the EU are still discussing union-wide cryptocurrency regulations, a major U.S. bank has reportedly lobbied the Irish government to adopt its own rules for the space. BNY Mellon launched its digital asset business in Ireland this year to provide custodian services to institutional investors.
Banking Giant BNY Mellon Calls for Irish Crypto Regulations
U.S. banking corporation BNY Mellon, which established a crypto unit in Ireland this spring, has urged the country’s finance ministry to introduce crypto regulations while the EU rules for the space are....
Some Canadian Bitcoin exchanges have reportedly received letters from financial regulators reassuring them they do not have to follow the detailed rules required by US regulators, and used recently to seize Mt. Gox funds. According to online news service The Register letters were sent to several Canadian exchanges which said they are not considered money services businesses. The Financial Transactions and Reports Analysis Centre of Canada (FTRACC): "confirmed the exchanges were not actually money service businesses and were therefore exempt from laws governing this type of firm." But this....
While Canada seems to be at the forefront of innovation and adoption of bitcoin, the country's government is keen to keep a closer eye on the digital currency, along with its counterparts. The news was revealed in a federal budget Tuesday, according to Reuters, who notes that the country will "toughen" rules and regulations to prevent money laundering and terrorism financing. "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....