[2014-06-23] Canada Signs First Ever Official Law Regulating Bitcoin

[aliceHortrex]

http://cointelegraph.com/news/111905/canada-signs-first-ever-official-law-regulating-bitcoin

The gloves are off for Bitcoin legality – Canada has implemented what is the first official national law on Bitcoin use.

[qwerty555]

Positive step..

Allows bitcoin to co exist with fiat in Canada.
-Does not restrict or ban its use in commercial activity.
- Dealers must be registered to have a Bank account..so legitimizes exchanges provided they register and follow the rules.

Interesting their different stance from the USA who NOW considers crypto's as  property. I suspect the USA will eventually back track on that and make a new category of "virtual-currency" some time in the distant future, particularly if it is the ONLY country that defines it as property with all the issues around that ( eg depreciation..can it be fully depreciated if it is a business investment like a car or a building. lol)

[Xona]

And canada's is getting on that road as well.  Let's see if this affects the amount of ATM's being made there. Regulation can bring further trust and care from non-BTC users though.

[311]

Well they certainly pass laws fast. America should take note.

[CoinMode]

Well they certainly pass laws fast. America should take note.

Yeah, that's just what they need, more laws hastily passed without a care for the unintended consequences.

They should get paid by how fast they crank them out!

In fact, if the USA was ruled by a dictator, they could pass laws even faster! Let's get rid of these extraneous branches of government!

I, for one, welcome our new auto-legislation overlords.

But seriously, how long were they deliberating about this law? I assume they must have been talking about it at least since the first ATM went online in Vancouver last year. I wouldn't say eight months is exactly a speedy process.

[LiteCoinGuy]

And canada's is getting on that road as well.   Let's see if this affects the amount of ATM's being made there. Regulation can bring further trust and care from non-BTC users though.

all major countries will do these laws. thats not a bad thing at all. it opens the door for alot of branches.

the only countries which will give a shit about these laws are countries like this:

http://www.engadget.com/2014/06/23/jersey-bitcoin-island/

[311]

Well they certainly pass laws fast. America should take note.

Yeah, that's just what they need, more laws hastily passed without a care for the unintended consequences.

They should get paid by how fast they crank them out!

In fact, if the USA was ruled by a dictator, they could pass laws even faster! Let's get rid of these extraneous branches of government!

Don't be an idiot. I didn't say make laws hastily passed, but nor do most of them need to be clogged up in the system forever.

[Dr. Pepper]

In america they'll certainly pass the  laws quickly when the right amount of lobbying or money gets thrown at it.

[nwfella]

Slippery slope bitcoin has entered insofar as Canada is concerned.  Will be interesting to see what other "developed nations" take from this if anything.

[davidgdg]

Disastrous. If BTC is treated as currency it is subject to the whole gamut of banking and AML legislation which will preclude all sorts of innovations. I wish people would stop to think before welcoming government legislation as a positive development, which it absolutely never is.

[Cicero2.0]

Disastrous. If BTC is treated as currency it is subject to the whole gamut of banking and AML legislation which will preclude all sorts of innovations. I wish people would stop to think before welcoming government legislation as a positive development, which it absolutely never is.

I think AML and other regulations are inevitable. They can be avoided pretty easily by using local bitcoins and other private ways to buy and sell.

[Swordsoffreedom]

They probably won't touch the ATM's for now
Last I checked they are still doing a 1 year intensive study on their usage to clarify the rules on those.

[ajareselde]

They probably won't touch the ATM's for now
Last I checked they are still doing a 1 year intensive study on their usage to clarify the rules on those.

In the end , regulations dont have to be a bad thing.
We had an unregulated bitcoin, and alot of people got burned, and all the rest of us got bad press.