The imminent arrival of compliance requirements to the virtual currency industry means that bitcoin businesses starting up in Canada should set up their business model and practices in ways that facilitate compliance with not only anti-money laundering laws, but privacy and consumer protection laws as well.
Bitcoin -- the virtual currency and global payment system -- is coming off a banner year. Recently an official from the Federal Department of Finance apparently indicated in an email to a media outlet that bitcoin is not legal tender in Canada. That was cause for David George-Cosh to suggest that Canada was "putting a question mark over the use of" bitcoin in Canada in a Wall Street Journal post. In my view, the comment from Finance does nothing to inhibit bitcoin's growth, acceptance, or adoption in Canada.