2013-05-20 theRegister- Canadian regulators welcome US Bitcoin refugees...

[dancupid]

...with open arms.

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

"The Register has seen a letter from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) which was sent to several prominent Bitcoin exchanges in the country, explaining they are exempt from strict money-laundering laws."

An oddly proactive move : looks like 'the government' won't have things so easy after all (thanks to the indefinite article)

[01BTC10]

Good news! Canada the Bitcoin regulation heaven.

[aigeezer]

Interesting piece. I went looking for hints of confirmation on the FINTRAC site and found nothing. Early days yet, I suppose.

I did find an amusing page on their site though - some fraudster is apparently impersonating them, so FINTRAC has to warn people about possible fraudulent emails purporting to be from FINTRAC.

http://www.fintrac-canafe.gc.ca/new-neuf/nr/2013-04-15-eng.asp

It ain't easy being a regulator.     

[Bowjob]

brb, buying Virtex shares.

[Birdy]

http://www.youtube.com/watch?v=mWQf13B8epw



(No, I'm not Canadian)

[cedivad]

Time to learn how to speak Canadian?

Canadian? LOL. I love you Americans.

[CanadianGuy]

Time to learn how to speak Canadian?

 

[Bowjob]

It's easy. All you have to do is add "eh" to every part of your sentences, eh?

[mc_lovin]

Excellent, eh? 

Anyone got a copy of the FINTRAC letter?

[coincepts]

if this is true it is pretty huge news. jury still out on if it is hearsay or trolling though.

[The Bitcoin Catalog]

Pretty good news. I hope they will stick to that position.

[Akka]

It's easy. All you have to do is add "eh" to every part of your sentences, eh?

http://www.youtube.com/watch?v=-8haHgfq2x4 

[cypherdoc]

ummm, don't mean to be a skeptic but how can this be possible given that they've been shutting down exchanges bank accounts recently?

[01BTC10]

ummm, don't mean to be a skeptic but how can this be possible given that they've been shutting down exchanges bank accounts recently?

They (FINTRAC) didn't shutdown any exchange bank account. The bank did it all by themselves.

[impulse]

Hmm, interesting development if this holds true, and just when things were starting to look a little bit bleak in Canada regarding Bitcoin. The most interesting thing that could develop from this would be that it may put pressure on U.S. regulators to lighten up, or better yet, be proactive to ensure that Bitcoin based businesses in the U.S. are protected and competitive.

[cypherdoc]

ummm, don't mean to be a skeptic but how can this be possible given that they've been shutting down exchanges bank accounts recently?

They (FINTRAC) didn't shutdown any exchange bank account. The bank did it all by themselves.

you're right.  so does this mean those banks will be required to reinstate the accounts?

and will we thus see the return of those exchanges?  which were shut down again?  Cavirtex?

[01BTC10]

Hmm, interesting development if this holds true, and just when things were starting to look a little bit bleak in Canada regarding Bitcoin. The most interesting thing that could develop from this would be that it may put pressure on U.S. regulators to lighten up, or better yet, be proactive to ensure that Bitcoin based businesses in the U.S. are protected and competitive.

I think most of the time the US don't get pressured by Canadian policy. It's mostly the other way. If the US don't like Bitcoin they will pressure Canada to follow their policy.

[impulse]

ummm, don't mean to be a skeptic but how can this be possible given that they've been shutting down exchanges bank accounts recently?

They (FINTRAC) didn't shutdown any exchange bank account. The bank did it all by themselves.

you're right.  so does this mean those banks will be required to reinstate the accounts?

and will we thus see the return of those exchanges?  which were shut down again?  Cavirtex?

Virtex has had several accounts frozen but they are still operating and hold an open account with the Bank of Montreal I believe. I have an account with Virtex that I have never had trouble accessing or sending money to.

[01BTC10]

ummm, don't mean to be a skeptic but how can this be possible given that they've been shutting down exchanges bank accounts recently?

They (FINTRAC) didn't shutdown any exchange bank account. The bank did it all by themselves.

you're right.  so does this mean those banks will be required to reinstate the accounts?

and will we thus see the return of those exchanges?  which were shut down again?  Cavirtex?

No exchange has been shutdown, only their bank account but they switched to more Bitcoin friendly financial institution. Bank can accept or refuse whatever client they want and don't have to justify themselves.

[cypherdoc]

ummm, don't mean to be a skeptic but how can this be possible given that they've been shutting down exchanges bank accounts recently?

They (FINTRAC) didn't shutdown any exchange bank account. The bank did it all by themselves.

you're right.  so does this mean those banks will be required to reinstate the accounts?

and will we thus see the return of those exchanges?  which were shut down again?  Cavirtex?

Virtex has had several accounts frozen but they are still operating and hold an open account with the Bank of Montreal I believe. I have an account with Virtex that I have never had trouble accessing or sending money to.

even now?