Canada will put bitcoin into the national regulatory level

Canada will put bitcoin into the national regulatory level

Canada has passed an aspiring plan, through the implementation of a national law to promote bitcoin regulation to the national level. In the bitcoin community there is still debate about whether the need to monitor this at the national level, because bitcoin technology is not mature. From the external environment, the implementation of this bill is premature, bitcoin related business activities and will definitely affect canada.

Christine Duhaime Duhaime C-31 law review amendment and how it improved Canada the proceeds of crime (money laundering) and terrorist financing method.

As the bitcoin regulatory MSB bitcoin transactions, more specifically refers to the “virtual currency transactions”, according to the C-31 act fixed, bitcoin transactions, companies need to verify the program saves suspicious, suspicious transaction reports and registered as a money service business at the request of the PCMLTFA.

No definition of “virtual currency transactions” – this “virtual currency trading” is not defined, it is unclear whether the definition of the term including the former regulatory agencies to determine the commercial activities.
 
The registration – bitcoin traders in FINTRAC will be required to register with the FINTRAC, if the registration is successful, completes the process of a complete anti money laundering compliance system.

Canada on foreign bitcoin company – C-31 act other than Canadian law more thoroughly, because it extends to: business in Canada company; business outside Canada but direct services to Canadian individuals or entities; for example, Coinbase only registered in FINTRAC to provide bitcoin services in canada. There is a business in Canada (Physics in Canada) or a R&R in canada. In Canada, but the service is for the person or entity outside of the bitcoin company exempt from the C-31 bill.

No bank bitcoin entity with no record of account – the provisions of C-31, if not registered in the FINTRAC, the bank will be banned or open bitcoin dealer customer maintenance. This is a very important point, bitcoin companies should clarify the relationship between an agent bank is what and how it affects the provisions of banks to provide services for their international. Switzerland is the richest and most ancient bank Wegelin & Co closed in the last year, because it is a violation of international anti money laundering regulations, and it is the paradise of the United States sued for tax evasion.

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