Thanks phillipsjk
Very illuminating as these are questions I have been wondering about myself
Topic: Canada Signs First Ever Official Law Regulating Bitcoin - page 2. (Read 2668 times)
FINTRAC has nothing to do with taxes. They are all about tracking large flows of money.
As far as I know, registering as a MSB requires posting a $2 million bond so that you can pay the $2 million fine for failing to report "suspicious transactions" when required.
It is also not clear that this actually covers Bitcoin (though Bitcoin was explicitly mention in the budget speech, and this bill implements the budget). It only covers "virtual currencies", to be defined by regulation.
The Bank of China (which had previously banned using "Virtual currencies" (defined a tokens backed by a single non-government issuer) for real-world goods) considers Bitcoin a "Virtual commodity" instead.
I looked at the FINTRAC guidelines years ago when I was just becoming interested in Bitcoin. They don't make sense for Bitcoin because the reporting requirements change depending on which jurisdiction the sender and recipient reside in. You are also required to send this information with the transaction, which is expensive and dangerous (due to the lack of privacy) to do with the public block-chain.
As far as I know, registering as a MSB requires posting a $2 million bond so that you can pay the $2 million fine for failing to report "suspicious transactions" when required.
It is also not clear that this actually covers Bitcoin (though Bitcoin was explicitly mention in the budget speech, and this bill implements the budget). It only covers "virtual currencies", to be defined by regulation.
The Bank of China (which had previously banned using "Virtual currencies" (defined a tokens backed by a single non-government issuer) for real-world goods) considers Bitcoin a "Virtual commodity" instead.
I looked at the FINTRAC guidelines years ago when I was just becoming interested in Bitcoin. They don't make sense for Bitcoin because the reporting requirements change depending on which jurisdiction the sender and recipient reside in. You are also required to send this information with the transaction, which is expensive and dangerous (due to the lack of privacy) to do with the public block-chain.
Quote
3. Registration with FINTRAC
Sounds like bitcoin taxes for Canadians. But also media attention. So both good and bad.
The gloves are off for Bitcoin legality – Canada has implemented what is the first official national law on Bitcoin use.
http://www.ahametals.com/canada-signs-first-ever-official-law-regulating-bitcoin/
http://www.ahametals.com/canada-signs-first-ever-official-law-regulating-bitcoin/
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