Canadian Regulators: BTC exchanges are not a money service business, carry on!

[BitPirate]

If this news is true, it is fantastic.

http://www.theregister.co.uk/2013/05/20/canada_welcomes_bitcoin_traders_fintrac_letter/

If this is corroborated, I expect pretty decisive upward movement.

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[XXthetimeisnowXX]

yes carry on. 

[BitPirate]

Seriously -- if this were Mexico or Turkey, it would mean nothing. But this is the US' next door neighbours -- arguably the most likely to be strong-armed into supporting the same laws "because Iran" or somesuch.

[Grantmo]

There was a story on NPR this morning about Canada trying to bring tech startups to Canada from the US with a new "startup visa" that allows companies from the US to work in Canada.

Alongside a freeway in Northern California is a billboard which reads: Pivot to Canada. The billboard is urging high-tech immigrants living in the U.S. to pay attention to Canada. Canada wants to attract highly-skilled, foreign-born tech workers who are fed up with the visa process that they must follow to remain in the U.S.

The bitcoin story could be valid if Canada saw a way to bring more tech companies there. 

Here is a link to the story.
http://www.npr.org/2013/05/20/185458141/the-last-word-in-business

[BitPirate]

That's cool, and a very good idea.

It seems most US startups spend more time armchair lawyering than actually creating value these days -- it's a sad state of affairs.

[EuroTrash]

If this news is true, it is fantastic.

http://www.theregister.co.uk/2013/05/20/canada_welcomes_bitcoin_traders_fintrac_letter/

If this is corroborated, I expect pretty decisive upward movement.

Fantastic news, thanks for sharing!
Can Cavirtex now go to Scotiabank, letter in hand, and get their account reopen?

[prophetx]

That's cool, and a very good idea.

It seems most US startups spend more time armchair lawyering than actually creating value these days -- it's a sad state of affairs.

Indeed.  I looked into what it takes to run an a business that transfers money between USD and BTC in California per the FinCen guidance, and it's very onerous on a new business; in fact there are only about 25 "money transmission" companies registered in California.  Then multiply that by 49x, even though the laws/regulations are likely harmonized you have to go through the same approval process and that takes many man hours.

It's sad that we're so overburdened with regulations because the federal gov't is incapable of doing it's job and is essentially throwing the costs of enforcement onto private business.  It's like a hidden tax.