Skip to main content

Canadian Senate Panel Calls for 'Light Touch' Bitcoin Regulation


Article from: CoinDesk
A long-anticipated report published by the Canadian Standing Senate Committee on Banking, Trade and Commerce has called for a "regulatory light touch" on bitcoin and digital currencies.
The report, entitled "Digital Currency: You Can't Flip This Coin!", comes after a months-long review that included a number of hearings before the Senate committee, and will undoubtedly play a role in how the Canadian government shapes future regulation.
The committee recommended that the government look for ways to utilize digital currencies and blockchain technology, deeming the technology "ingenious" and capable of potentially meeting critical needs in both the financial sector and the unbanked in the world.
The report stated:
"The federal government [should], in considering any legislation, regulation and policies, create an environment that fosters innovation for digital currencies and their associated technologies. As such, the government should exercise a regulatory “light touch” that minimizes actions that might stifle the development of these new technologies."
The committee also recommended that the government work with other countries on regulatory frameworks that offer a balanced approach to oversight, provide publicly available information on the legal and tax implications of digital currencies, and conduct further reviews of the study's findings over the next three years.
Notably, the committee recommended that Canadian digital currency exchanges be subject to money transmission regulations, but that companies that solely offer wallet services in Canada should not fall under that classification.
The report cited money laundering, terrorist financing and price volatility as "serious obstacles" for the government as digital currency regulation is considered.
Labels:

Comments

Post a Comment

Popular posts from this blog

Antminer S3 Setup Guide & Review

Overview This is for the Antminer S3 , mine are batch 11. So to get started, the units are very nicely made from my experience, and actually not too bad to get started with. You're going to need your miner, a PSU (power supply unit, like the one in your PC) and an Ethernet cord. S3+ Specifications: Hash Rate: 453 GH/s±5% with great OC potential   Power Consumption: 355 Watt at the wall    Power Efficiency: 0.78J/GH on wall   Power Supply: 12V DC Size:  331 mm x 137 mm x 160 mm  Fans: Two 14038 fans mounted on both front and back ends   Operating Temperature: 0 °C to 35 °C   Complied with: FCC / CE Network Connection: Ethernet   Power consumption: This figure depends on the PSU efficiency, ambient temperature and the accuracy of the power meters. Step One: Network Let's prepare your network. You need to have your routers IP address to look something like 192.168.1.X. The x can be reall...
1 comment
Read more

PoolWarz SHA-256 Auto-switching

What Is Pool Warz? PoolWarz is a pool (with a collection of different mine able coins) that has a little bit of a different approach to the set up of your miners. Creators of this site also bring you CoinWarz , and RigWarz , now have their own pool, they're not linked to one another however. Within PoolWarz , when you create a worker, you only point your hardware at one URL, as opposed to multiple different URLs for separate coins. At anytime you can alter what coin this worker is mining by changing where it's pointer (or "assigned" to ) on your dashboard in your PoolWarz account. Subscription There is an option to pay a monthly subscription fee to PoolWarz for a 0% fee (as opposed to their standard 2% fee) and also getting the ability for "auto-switching". If you've been mining for a while, you'll know the concept of "auto-switching" because it's the same as a multipool basically, except you keep all the coins you mine. ...
Post a Comment
Read more

Shift Payments Mobile App - Android

As you know, I just got a Bitcoin credit card from Shift Payments which i reviewed a few days ago here . Overview I love the card, and a mobile app for a product like this, in my opinion, is a must. The application is pretty handy and basically takes the place of any kind of website account / web-app. The app is for both iOS and Android devices, I'll be using the Android app. Boot screen Something that a lot of apps seem to forget, that Shift  hasn't, is above all keep it simple. The app has a clean simple design that makes it very easy to navigate and consume the functionality within. Wallets & Accounts Accounts screen With the ability to add and remove accounts on the fly, and choose your active account (The account you withdraw bitcoin from) quickly and easily is done very well. It drops that average "slide in" menu from the left or right as most mobile apps use, which is great because that's just one less tap you need to...
Post a Comment
Read more