Topic: Canada's New Bitcoin Law - page 2. (Read 2451 times)

Judging by what you found, does this mean that only businesses have to register with FINTRAC, not individuals?

I'm also amazed by your ability to find these things, I couldn't find these bits of info long after I read through it, and I still have yet to find something that even mentions Bitcoin.

I appreciate you finding this info, though. It helps to clear some stuff up.

No.

Bill C-31, which was a couple weeks ago.

The highlights:



    1. Regulates Bitcoin as MSB – Bitcoin dealing, more specifically referred to as “dealing in virtual currencies” in Bill C-31, will be subject to the record keeping, verification procedures, suspicious transaction reporting and registration requirements under the PCMLTFA as a money services business.

    2. Does not define “dealing in virtual currencies” - The phrase “dealing in virtual currencies” was left undefined and it is not known what the defined term will encompass in terms of business activities once defined by regulation.

    3. Registration with FINTRAC - Bitcoin dealers will be required to register with FINTRAC and if successfully registered, to implement a complete anti-money laundering compliance regime.

    4. Captures foreign Bitcoin companies targeting Canada – Bill C-31 is more sweeping than other Canadian laws because it extends to: (a) companies that have a place of business in Canada; and (b) companies that have a place of business outside Canada but who direct services at persons or entities in Canada. Coinbase, for example, will have to register with FINTRAC to continue to provide Bitcoin services in Canada. Having a place of business means physically located in Canada, or having an R&R in Canada. Bitcoin businesses in Canada, however, that provide services to persons or entities outside of Canada are exempt from Bill C-31 for those external services.

    5. Prohibits banks from opening accounts for Bitcoin entities if unregistered - Under Bill C-31, banks will be prohibited from opening and maintaining correspondent banking relationships with Bitcoin dealers that are not registered with FINTRAC. This is an extremely important aspect of Bill C-31 and Bitcoin businesses should ensure they understand what a correspondent banking relationship is and how it can affect the provisions of banking services to them internationally.”

This was intentionally vague to create a chilling effect on the bit coin market. Seeing the way businesses have responded all ready it seems to have worked. 

this means that people will go to the US to conduct any real commerce.

and how exactly is this changing anything?

-bm

'money' laws have not changed.. but it seems that canada is now talking about 'property' which would cover bitcoins too.. im still reading the jargon and putting it into perspective.. as its spread out under many paragraphs and buzzwords..

if your canadian it might be worth you truly reading it if your opening a business exchanging bitcoins and dollars. and as my footer suggests to get proper advice and not blindly trust anyone (including me) as definitive /gospel advice to follow

is this news today??

remember the 'money' jurisdiction of canada only applies to canadian dollar as that is their property. if you as a business uses canadian dollars as part of an exchange with customers then you have to conform to canadian financial law.. that has been the same for decades. so be careful in that respect.. if your a pure bitcoin to altcoin business or a bitcoin to products business then your not a money exchanger, your a retailer (warning of possible gambling/securities implications).

Canada just passed the first-ever national law regulating Bitcoin.

I have been predicting for years that the US and Canada will not ban Bitcoin outright, but seek to regulate it and raise barriers of entry to new companies. 

Regulation = control.

The main targets for regulation are exchanges, whereby governments can track inbound and outbound buy/sell orders to compile national databases of Bitcoin owners.

The Moriarty Bitcoin Network will NOT BE COMPLYING with any of Canada's new regulation!

Dr. Michael Moriarty