The gloves are off for Bitcoin legality – Canada has implemented what is the first official national law on Bitcoin use.
Its signing was quiet, notes Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist of Duhaime Law. Last Thursday, royal assent was given by Canada’s Governor General to the discretely-named Bill C-31, An Act to Implement Certain Provisions of the Budget Tabled in Parliament on February 11, 2014 and Other Measures (“Bill C-31“).
Canada has been toying with the idea of regulation for quite some time, as CoinTelegraph reported earlier this month, with the publication of a report entitled “How Should Bitcoin Be Regulated?” by the Montreal Economic Institute in May. Now, however, it would seem theory has definitively been put into practice.
The implications? Duhaime highlights what should be taken away from the pioneering event.
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