Money Services Business Definition FinCEN.gov

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Bullbitcoin CEO - Today is my last day as an unregulated dealer in virtual currency. As of June 1st 2020, Bitcoin exchanges and payment processors are officially regulated as Money Services Businesses in Canada.

Bullbitcoin CEO - Today is my last day as an unregulated dealer in virtual currency. As of June 1st 2020, Bitcoin exchanges and payment processors are officially regulated as Money Services Businesses in Canada. submitted by Fiach_Dubh to BitcoinCA [link] [comments]

[FULL ANALYSIS] Bitcoin exchanges and payment processors in Canada are now regulated as Money Service Businesses

Hello Bitcoiners!
Many of you saw my tweet yesterday about the Bitcoin regulations in Canada. As usual, some journalists decided to write articles about my tweets without asking me for the full context :P Which means there has been a lot of misunderstanding. Particuarly, these regulations mean that we can lower the KYC requirements and no longer require ID documents or bank account connections! We can also increase the daily transaction limit from $3,000 per day to $10,000 per day for unverified accounts. The main difference is that we now have a $1,000 per-transaction limit (instead of per day) and we must report suspicious transactions. It's important to read about our reporting requirements, as it is the main difference since pretty much every exchange was doing KYC anyway.
Hopefully you appreciate the transparency, and I'm available for questions!
Cheers,
Francis
*********************************************
Text below is copied from: https://medium.com/bull-bitcoin/bitcoin-exchanges-and-payment-processors-in-canada-are-now-regulated-as-money-service-businesses-1ca820575511

Bitcoin is money, regulated like money

Notice to Canadian Bitcoin users

If you are the user of a Canadian Bitcoin company, be assured that:
You may notice that the exchange service you are using has change its transactions limits or is now requiring more information from you.
You can stop reading this email now without any consequence! Otherwise, keep regarding if you are interested in my unique insights into this important topic!

Background on regulation

Today marks an important chapter for Bitcoin’s history in Canada: Bitcoin is officially regulated as money (virtual currency) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act of Canada (PCMLTFA), under the jurisdiction of the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC).
This is the culmination of 5 years of effort by numerous Bitcoin Canadian advocates collaborating with the Ministry of Finance, Fintrac and other Canadian government agencies.
It is important to note that there is no new Bitcoin law in Canada. In June of 2014, the Governor General of Canada (representing Her Majesty Queen Elizabeth II) gave royal asset to Bill C-31, voted by parliament under Stephen Harper’s Conservative government, which included amendments to the PCMLTFA to included Bitcoin companies (named “dealers in virtual currency”) as a category of Money Service Businesses.
Thereafter, FINTRAC engaged in the process of defining what exactly is meant by “dealing in virtual currency” and what particular rules would apply to the businesses in this category. Much of our work was centred around excluding things like non-custodial wallets, nodes, mining and other activities that were not related exchange or payments processing.
To give an idea, the other categories that apply to traditional fiat currency businesses are:
When we say that Bitcoin is now regulated, what we mean is that these questions have been settled, officially published, and that they are now legally binding.
Businesses that are deemed to be “dealing in virtual currency” must register with FINTRAC as a money service business, just like they would if they were doing traditional currency exchange or payment processing.
There is no “license” required, which means that you do not need the government’s approval before you can operate a Bitcoin exchange business. However, when you operate a Money Service Business, you must register and comply with the laws… otherwise you risk jail time and large fines.

What activities are regulated as Money Service Business activity?

A virtual currency exchange transaction is defined as: “an exchange, at the request of another person or entity, of virtual currency for funds, funds for virtual currency or one virtual currency for another.” This includes, but is not limited to:

Notice to foreign Bitcoin companies with clients in Canada

Regardless of whether or not your business is based in Canada, you must register with FINTRAC as a Foreign Money Service Business, if:

How this affects BullBitcoin.com and Bylls.com

The regulation of Bitcoin exchange and payment services has always been inevitable. If we want Bitcoin to be considered as money, we must accept that it will be regulated like other monies. Our stance on the regulation issue has always been that Bitcoin exchanges and payment processors should be regulated like fiat currency exchanges and payment processors, no more, no less. This is the outcome we obtained.
To comply with these regulations, we are implementing a few changes to our Know-Your-Customer requirement and transaction limits which may paradoxically make your experience using Bull Bitcoin and Bylls even more private and convenient!

The bad news

The good news

To understand these regulations, we highly recommend reading this summary by our good friends and partners at Outlier Compliance.

Summary of our obligations

Our responsibilities:
The information required to perform a compliant know-your-customer validation:
Record keeping obligations:

Suspicious transaction reporting

Satoshi Portal is required to make suspicious transactions report to FINTRAC after we have detected a fact that amounts to reasonable grounds to suspect that one of your transactions is related to the commission or attempted commission of a money laundering offence or a terrorist activity financing offence.
Failure by Satoshi Portal Inc. to report a suspicious transaction could lead to up to five years imprisonment, a fine of up to $2,000,000, or both, for its executives.
We are not allowed to share with anyone other than FINTRAC, including our clients, the contents of a suspicious transaction report as well as the fact that a suspicious transaction report has been filed.

What is suspicious activity?

Note for bitcoinca: this section applies ONLY to Bull Bitcoin. Most exchanges have much stricter interpretation of what is suspicious. You should operate under the assumption that using Coinjoin or TOR will get you flagged at some other exchanges even though it's okay for Bull Bitcoin. That is simply because we have a more sophisticated understanding of privacy best practices.
Identifying suspicious behavior is heavily dependent on the context of each transaction. We understand and take into account that for many of our customers, privacy and libertarian beliefs are of the utmost importance, and that some users may not know that the behavior they are engaging in is suspicious. When we are concerned or confused about the behaviors of our users, we endeavour to discuss it with them before jumping to conclusions.
In general, here are a few tips:
Here are some examples of behavior that we do not consider suspicious:
Here are some example indicators of behavior that would lead us to investigate whether or not a transaction is suspicious:

What does this mean for Bitcoin?

It was always standard practice for Bitcoin companies to operate under the assumption they would eventually be regulated and adopt policies and procedures as if they were already regulated. The same practices used for legal KYC were already commonplace to mitigate fraud (chargebacks).
In addition, law enforcement and other government agencies in Canada were already issuing subpoenas and information requests to Bitcoin companies to obtain the information of users that were under investigation.
We suspect that cash-based Bitcoin exchanges, whether Bitcoin ATMs, physical Bitcoin exchanges or Peer-to-Peer trading, will be the most affected since they will no longer be able to operate without KYC and the absence of KYC was the primary feature that allowed them to justify charging such high fees and exchange rate premiums.
One thing is certain, as of today, there is no ambiguity whatsoever that Bitcoin is 100% legal and regulated in Canada!
submitted by FrancisPouliot to BitcoinCA [link] [comments]

Canada: Bitcoin Businesses Are Now Fully-Regulated, Listed as “Money Service” Entities

Canada: Bitcoin Businesses Are Now Fully-Regulated, Listed as “Money Service” Entities submitted by Deebabitcoinair to Crypto_Currency_News [link] [comments]

Accelerate the world’s transition to digital money. Founded in March of 2019, Basic is a crypto finance platform where businesses and consumers can access finance services for crypto assets like bitcoin and ethereum. We are based in Singapore with teams in Singapore, Switzerland and South Korea..

Accelerate the world’s transition to digital money. Founded in March of 2019, Basic is a crypto finance platform where businesses and consumers can access finance services for crypto assets like bitcoin and ethereum. We are based in Singapore with teams in Singapore, Switzerland and South Korea.. submitted by anitamalone to thebasicfinance [link] [comments]

Canada: Bitcoin Businesses Are Now Fully-Regulated, Listed as “Money Service” Entities

Canada: Bitcoin Businesses Are Now Fully-Regulated, Listed as “Money Service” Entities submitted by Deebabitcoinair to cryptocurrencynews [link] [comments]

Canada: Bitcoin Businesses Are Now Fully-Regulated, Listed as “Money Service” Entities

Canada: Bitcoin Businesses Are Now Fully-Regulated, Listed as “Money Service” Entities submitted by Deebabitcoinair to u/Deebabitcoinair [link] [comments]

Canada: Bitcoin Businesses Are Now Fully-Regulated, Listed as “Money Service” Entities

Canada: Bitcoin Businesses Are Now Fully-Regulated, Listed as “Money Service” Entities submitted by Deebabitcoinair to cryptonewswire [link] [comments]

Canada: Bitcoin Businesses Are Now Fully-Regulated, Listed as “Money Service” Entities

Canada: Bitcoin Businesses Are Now Fully-Regulated, Listed as “Money Service” Entities submitted by n4bb to CoinPath [link] [comments]

If Bitcoin Exchanges are now Legally Recognized money service business, how can the (criminal) banks legally refuse/deny any crypto-related transactions??

https://cointelegraph.com/news/cryptocurrency-firms-now-recognized-as-money-service-businesses-in-canada
submitted by johnjbogle to BitcoinCA [link] [comments]

Do you require a special license to operate money service business in India, such as Bitcoin and which bank is more friendly towards Bitcoin?

submitted by staron79 to BitcoinIndia [link] [comments]

04-08 11:03 - 'That are just statements without any arguments. Lets address first the bitcoin use. Like I said above yes most big businesses offer bitcoin as a payment service, however they instantly convert it to fiat money. It is only...' by /u/ssssigismund removed from /r/Bitcoin within 72-82min

'''
That are just statements without any arguments. Lets address first the bitcoin use. Like I said above yes most big businesses offer bitcoin as a payment service, however they instantly convert it to fiat money. It is only there because there is demand for it, not because bitcoin is money. Which is only reasonable given how volatile crypto is currently.
That is why bitcoin is worthless now.
'''
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Author: ssssigismund
submitted by removalbot to removalbot [link] [comments]

FED Biz Ops post- Bitcoin exchanges and most Bitcoin miners are required to register as Money Services Businesses and comply with anti-money laundering regulations. To accomplish FinCEN regulatory, enforcement and investigative mission, FinCEN needs this bitcoin transaction data and analysis tool

submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

FED Biz Ops post- “Bitcoin exchanges and most Bitcoin miners are required to register as Money Services Businesses and comply with anti-money laundering regulations. To accomplish FinCEN regulatory, enforcement and investigative mission, FinCEN needs this bitcoin transaction data and analysis tool

FED Biz Ops post- “Bitcoin exchanges and most Bitcoin miners are required to register as Money Services Businesses and comply with anti-money laundering regulations. To accomplish FinCEN regulatory, enforcement and investigative mission, FinCEN needs this bitcoin transaction data and analysis tool submitted by Your-Doing-It-Wrong to Bitcoin [link] [comments]

Why are bitcoin exchanges Money Services Businesses?

I'm not trying to be a smartass here -- I'm curious to know what the actual line is between an MSB and any other business.
IRS guidance says that bitcoin is property for tax purposes. MSB guidelines seem vague.
What's the line? Why would, say, a tire salesman not have to register as an MSB, even though his business buys and sells property for money? If a bitcoin exchange had smaller volume, or didn't offer users a wallet, could that impact their MSB status?
submitted by joeydekoning to Bitcoin [link] [comments]

US Law regarding Money Services Businesses. I think this is the number one obstacle for bitcoin in the immediate future.

submitted by ApplianceCash to Bitcoin [link] [comments]

"We’re working with the government to register bitcoin exchanges as MSBs (Money Service Businesses) to make sure that the long arm of the government can indeed reach bitcoin." ~Jeff Garzik

submitted by GrumpyAnarchist to btc [link] [comments]

Adam Tracy Explains OTC Bitcoin Trading & Money Service Business Registration

Adam Tracy Explains OTC Bitcoin Trading & Money Service Business Registration submitted by bitattorney to u/bitattorney [link] [comments]

Bitcoin Merchant Services And Money Service Businesses Are Popping Up All Over the Place

Bitcoin Merchant Services And Money Service Businesses Are Popping Up All Over the Place submitted by DynamicDK to Bitcoin [link] [comments]

This guy is going to jail for running and "unlicensed money service business" reselling bitcoin. however his actions never required him to register. and he even tried to register twice!

This guy is going to jail for running and submitted by ElonMusk0fficial to CryptoCurrency [link] [comments]

US Bitcoin miners may have to register as Money Services Businesses.

US Bitcoin miners may have to register as Money Services Businesses. submitted by LoveLightMan to Bitcoin [link] [comments]

Bitcoin Merchant Services, and Money Service Businesses, Are Springing Up

Bitcoin Merchant Services, and Money Service Businesses, Are Springing Up submitted by CoinBriefBot to CoinBrief [link] [comments]

FinTRAC (Canada) officially declares Bitcoin processor not Money Service Business [full text]

FinTRAC (Canada) officially declares Bitcoin processor not Money Service Business [full text] submitted by QuickBT to Bitcoin [link] [comments]

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