20 May '13, 3pm

Canadian regulators welcome US Bitcoin refugees with open arms

Canadian Bitcoin traders will not be clobbered by laws similar to those being used to target virtual currency exchanges in America, according to a leaked letter from the country's financial investigations unit. 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. US police used similar laws to freeze the accounts of Mt. Gox, the world's largest Bitcoin exchange, last week after claiming it was operating as an "unlicensed money service business." But in a letter to the Canadian exchanges, FINTRAC confirmed the exchanges were not actually money service businesses and were therefore exempt from laws governing this type of firm. If America's crackdown on Bitcoin continues, Canada is likely ...

Full article: http://www.theregister.co.uk/2013/05/20/canada_welcomes_b...

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