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  1. Crowdfunding platforms and certain payment service providers must register with FINTRAC Hello, Following last April’s Notice about amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR) and the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties (PCMLTFAMP) Regulations, we wish to remind reporting entities that crowdfunding platforms and certain payment service providers are covered as money services businesses (MSBs) or foreign money services businesses (FMSBs) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Please read our follow-up Notice to reporting entities on how businesses that are engaged in providing certain payment services have MSBs or FMSBs obligations under the PCMLTFA, including the need to register with FINTRAC. For detailed information about these obligations, see information about MSBs and FMSBs. Further to these amendments, FINTRAC has retracted its positions with respect to merchant servicing and payment processing (PI-7670). As payment services are not a prescribed service under the PCMLTFA, FINTRAC is taking the position that persons or entities that provide invoice payment services or payment services for goods and services are engaged in the business of remitting or transmitting funds, or dealing in virtual currency. FINTRAC is currently working with businesses to register certain payment service providers over the next several weeks. The regulatory amendments and FINTRAC’s retraction of its previous position may also affect MSBs and FMSBs already registered with FINTRAC. Registering with FINTRAC as an MSB or FMSB Crowdfunding platforms that provide services to raise funds or virtual currency and certain payment service providers must register as MSBs or FMSBs. MSBs and FMSBs that are already registered with FINTRAC, and which offer services now subject to the Act, must update their registration information to reflect this. For information on how to register as an MSB/FMSB, please visit the following pages on our website: Check to see if you need to register with FINTRAC Register your MSB or FMSB with FINTRAC Update your registration information with FINTRAC We understand that there will be challenges in meeting certain obligations. FINTRAC will be reasonable in its assessment and enforcement approach, and is committed to working with reporting entities subject to the PCMLTFA and its Regulations to increase their awareness, understanding and compliance with their obligations. Please continue to monitor our website for updates or additional guidance. For questions, please contact FINTRAC by telephone at 1-866-346-8722 (toll free) or by email at guidelines-lignesdirectrices@fintrac-canafe.gc.ca. FINTRAC is an independent federal government agency, operating at arm’s length from police, law enforcement and national security agencies, with a mandate to collect, analyze, assess and, where appropriate, disclose information in order to assist in the detection, prevention and deterrence of money laundering and the financing of terrorist activities. Financial Transactions and Reports Analysis Centre of Canada 24th floor, 234 Laurier Avenue West, Ottawa, Canada K1P 1H7 Government of Canada Francais: Les plateformes de sociofinancement et certains fournisseurs de services de paiement doivent s’inscrire auprès de CANAFE Bonjour, Comme suite à l’avis d’avril dernier concernant les modifications apportées au Règlement sur le recyclage des produits de la criminalité et le financement des activités terroristes (le Règlement) et au Règlement sur les pénalités administratives pécuniaires – recyclage des produits de la criminalité et financement des activités terroristes (le Règlement sur les PAP), nous souhaitons rappeler aux entités déclarantes que les plateformes de sociofinancement et certains fournisseurs de services de paiement sont considérés comme des entreprises de services monétaires (ESM) ou des entreprises de services monétaires étrangères (ESME) en vertu de la Loi sur le recyclage des produits de la criminalité et le financement des activités terroristes (Loi). Veuillez lire notre avis de suivi aux entités déclarantes sur la façon dont les entreprises qui fournissent certains services de paiement ont des obligations d’ESM ou de ESME en vertu de la Loi, y compris le besoin de s’inscrire auprès de CANAFE. Pour obtenir des renseignements détaillés sur ces obligations, consultez les renseignements sur les ESM et les ESME. À la suite de ces modifications, CANAFE est revenu sur sa position concernant les services aux commerçants et le traitement des paiements (PI-7670). Étant donné que les services de paiement ne sont pas des services prescrits en vertu de la Loi, CANAFE est d’avis que les personnes ou les entités qui fournissent des services de paiement de factures ou des services de paiement de biens et de services se livrent à des activités de remise ou de transmission de fonds, ou de commerce de monnaie virtuelle. CANAFE travaille actuellement avec les entreprises pour inscrire certains fournisseurs de services de paiement au cours des prochaines semaines. Les modifications réglementaires et la rétractation de CANAFE par rapport à sa position précédente peuvent également affecter les ESM et les ESME déjà inscrites auprès de CANAFE. Inscription auprès de CANAFE en tant que ESM ou ESME Les plateformes de sociofinancement qui fournissent des services de collecte de fonds ou de monnaie virtuelle et certains fournisseurs de services de paiement doivent s’inscrire en tant qu’ESM ou ESFM. Les ESM et les ESME qui sont déjà inscrites auprès de CANAFE et qui offrent des services maintenant assujettis à la Loi doivent mettre à jour les renseignements relatifs à leur inscription pour refléter cette situation. Pour obtenir des renseignements sur la façon de s’inscrire en tant qu’ESM/ESME, veuillez consulter les pages suivantes de notre site Web : Vérifiez si vous devez vous inscrire auprès de CANAFE à titre d’entreprise de services monétaires Inscrire votre entreprise de services monétaires (ESM) ou votre entreprise de services monétaires étrangère (ESME) Mettre à jour vos renseignements Nous comprenons qu’il sera difficile de respecter certaines obligations. CANAFE adoptera une approche raisonnable en matière d’évaluation et d’application de la loi et s’engage à travailler avec les entités déclarantes assujetties à la Loi et à ses règlements afin de les sensibiliser davantage, de les aider à mieux comprendre leurs obligations et à les respecter. Veuillez continuer à surveiller notre site Web pour obtenir des mises à jour ou des directives supplémentaires. Pour toute question, veuillez communiquer avec CANAFE par téléphone au 1-866-346-8722 (sans frais) ou par courriel à guidelines-lignesdirectrices@fintrac-canafe.gc.ca. Pour retirer votre nom de la liste, veuillez transmettre un message à List-liste@canafe-fintrac.gc.ca en indiquant uniquement « Désabonnement » (sans guillemets) comme objet du message. CANAFE est un organisme fédéral autonome qui mène ses activités indépendamment des services de police et des organismes d’application de la loi et de sécurité nationale. Il est responsable de recueillir, d’analyser, d’évaluer et, le cas échéant, de communiquer des renseignements pouvant être utiles à la détection, à la prévention et à la dissuasion du recyclage des produits de la criminalité et du financement des activités terroristes. Centre d’analyse des opérations et déclarations financières du Canada 234, avenue Laurier Ouest, 24e étage, Ottawa, Canada K1P 1H7 Gouvernement du Canada
  2. As demand for cryptocurrencies is increasing day by day so is the concern of crypto regulators. Every country has its own views regarding cryptocurrency and therefore has set up its own set of rules for its regulation. https://viraldocks.com/guide-cryptocurrency-regulations/
  3. In this article former greek finance minister, professor and Steam employee (Gametheory/economist-in-residence at Valve Corporation) Yannis Varoufakis, who was put out of the ministry by the EU-Elites as he opposed the strict austerity, gives an opinion about Cryptocurrency. He wanted to introduce a blockchain based currency in greece by the way. You will probably notice, that his analysis is very well compatible with the vision of Ripple XRP as a digital asset to facilate payments, but not compatible with the view of the Bitcoin maximalists because of the lack of democratic participation in the Bitcoin monetary system. Here the link to the interview: http://www.wired.co.uk/article/yanis-varoufakis-bitcoin-bubble-interview About Yannis Varoufakis generally: https://en.wikipedia.org/wiki/Yanis_Varoufakis#Early_life_and_education
  4. Hi there, due to the expected regulations we likely see more restrictions regarding ICOs, anonymous Coins and all those Coins, which does not really have a reasonable use case. In order to make ICOs more secure they are connected with real equity and bound by smart contracts: https://www.cnbc.com/2018/03/19/kevin-oleary-new-york-city-hotel-hopes-to-launch-400-million-dollar-coin-offering.html I guess, anonymous Coins will vanish into dark corners while more and more exchanges will ban them: https://news.bitcoin.com/coincheck-drops-anonymous-monero-dash-zcash/ Bitcoin could be in whole other trouble and likely face regulation issues: https://www.theguardian.com/technology/2018/mar/20/child-abuse-imagery-bitcoin-blockchain-illegal-content Regards!
  5. We have heard Brads thoughts regarding tokens and the recent NY ruling that Cryptocurrencies are commodities with CFTC oversight should pave the way for a regulated legitimate exchange in 2018. Coinbase will soon become a non factor. https://www.sec.gov/news/public-statement/enforcement-tm-statement-potentially-unlawful-online-platforms-trading http://www.tradersmagazine.com/news/cryptocurrencies/the-chx-is-a-target-for-cryptocurrency-exchanges-117381-1.html?pg=1ET=tradersmagazine:e3632:4768835a:&st=email https://www.coindesk.com/us-judge-rules-cryptocurrencies-are-commodities-in-cftc-case/
  6. https://ripple.com/insights/virtual-currency-regulation-addressing-risk-preserving-innovation/
  7. Was going to post this is in the Press section but it doesn't specifically mention Ripple. Looks like full regulatory approval for XRP in Mexico is just round the corner. Once approved as a Financial Technology Institutions (ITF); those ITFs that the central bank approves can legally operate with cryptocurrencies and “all financial institutions [will] have permission to work with” https://news.bitcoin.com/mexican-cryptocurrency-regulations-approved-congress/
  8. Great interview with Glenn Hutchins; founder of Silver Lake Partners, the board of The Federal Reserve Bank of New York, member of the board of NASDAQ OMX Group. Almost hearing mr Brad Garlinghouse in some regards. Solving (customer) problems, internet of value. The follow up interview can be found here. Ripple is not mentioned here but he does mention new investment opportunities and creating new companies and could possibly have a relation with Ripples work.
  9. http://unprecedented.libsyn.com/brynly-llyr-ripple-and-the-legal-challenges-facing-cryptocurrencies “This week on Law.com's Unprecedented podcast we talk to Brynly Llyr, general counsel at Ripple Labs, a blockchain company focused on facilitating cross-border money transfers. Llyr talks about the legal challenges facing cryptocurrencies and the emerging fintech sector, and how the landscape is not as uncharted as it may seem. "Just because you have a new technology doesn't mean that no laws apply to it," she says.” A couple of the takeaways I got from this are; Ripple is in very regular contact with Central Banks in relation to regulatory framework. When Ripple rolls out a new component of RippleNet, customers can rest assured it is regulatory compliant. I guess it makes sense why XRP is not overly marketed yet...they are still tweaking the regulations and legal framework that will apply to xRapid. Once that is finalised..... Also makes sense why Correspondent Banks aren’t set to launch until Q1/2018...enough time to formalise regulations unique to that model?
  10. Reuters article this morning entitled 'U.S. Treasury considering all tools to stop North Korea financing: official'. If the US, in cooperation with its global finance partners, choose to "choke" digital currencies via all means available, isn't there a fair risk that this entire marketplace gets disrupted until the threat of Mr. Kim is mitigated? - conduct DDOS on major exchanges - disallow BTC transactions - put all currencies in "transfer pergatory" - pump false alts as honey pots for the N. Korean hacks - etc. etc. Does the possibility of specific global threats impact your investments? Does the possibility of certain global threats outweigh others for you, or do you simply "index them" and go hell-bent-for-leather, as it used to be said in the US of A? Your opinions, please. "Hello, is this the NSA? Got anything, anything really strong to throw at the crypto world for a few months? Oh, I should call Israel? Or Russia? Thanks. I think I'll have M5 do that for us."
  11. This. SEC working 'diligently' on plan to test lower exchange fees. http://reut.rs/2qeRoHp
  12. The long and short of this guidelines update during a one year transitional period for Money Services Businesses began June 17th for one year. I now partake in this new verification method for all clients which has been done without a dual process method and will not be changed until the need arises upon suggestion from FINTRAC or a reputable entity. XAGATE/Rippleunion has always used a single process method through Canadian Identification plus Financial Institutions' & Utility Providers' physical/electronic statements to verify identities before providing services. I will be using the single process method still while verifying clients for the Gateway I operate and I will continue to accept Government ID in addition to the acceptable methods above. Credit Files may be requested of Canadian and International clients upon my own due diligence for abiding by the new reporting obligations under these new regulations.
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