21 May '13, 9am

Canadian regulator takes lighter view of Bitcoin: It appears Canada's anti-money laundering regulator will lea...

Canadian regulator takes lighter view of Bitcoin: It appears Canada's anti-money laundering regulator will lea...

It appears Canada’s anti-money laundering regulator will leave Bitcoin exchanges in the country alone for now. LibertyBit , which exchanges the virtual currency Bitcoin for U.S. and Canadian dollars, has been told it does not have to register with Financial Transactions and Reports Analysis Centre of Canada (FINTRAC ), said CEO Paul Szczesny, via email on Tuesday. FINTRAC, which was created in 2000, is responsible for investigating and preventing money-laundering and activities used to fund terrorism. But concerns have been raised in some quarters that the high degree of anonymity of Bitcoin transactions makes them attractive for criminal purposes such as tax evasion. Szczesny wrote that FINTRAC told LibertyBit in an email that it was not considered a Money Service Business, which would require registering with FINTRAC. The agency told LibertyBit that since the transfer of...

Full article: http://www.pcworld.com/article/2039347/canadian-regulator...

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