“A loophole in Canadian law puts Bitcoin outside the scope of the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), the agency that monitors money services businesses. Business in Canada asked FINTRAC spokesman Peter Lamey why bitcoin exchanges and ATMs don’t fall into this category. He told us companies that deal in Bitcoin cannot be considered money services businesses under the current terms of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. As he said, money is defined as the ‘currency of a country’. Bitcoin belongs not to any one country, but to the Internet.”
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