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Adoption of digital money has attracted the attention of law makers. Proposals are now before parliament to change acceptable identification methods, to regulate of prepaid cards, and to expand consumer protections requirements. In addition, US legislators are putting pressure on Canadian digital money providers: subjecting them the extent of money service businesses regulations even without a physical US presence, and deputizing foreign financial institutions as tax collectors.
All the while, regulators are ramping up enforcement on existing measures, which impact digital money providers directly, and indirectly through pressure put on their financial service providers.
I recently presented on the regulatory and compliance considerations impacting the digital money ecosystem at the Mobile Money Canada 2012 conference in September. The presentation quickly surveyed the nature and path of domestic legislative proposals impacting digital money, known enforcement measures in Canada, and the application of US extraterritorial legislation.
Watch my entire presentation from Mobile Money Canada 2012 here.
Related Topics:Virtual Currency; Legislation
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