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ARTICLE · 04 MARCH 2014

Legal Implications Of Accepting Bitcoin As Payment

McCarthy Tétrault
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The number of Canadian businesses accepting virtual currencies as a form of payment is growing.

CanadaFinance and Banking
Rahim Esmail
Rahim Esmail
Emily MacKinnon
Emily MacKinnon
Terry Gao
Terry Gao
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The number of Canadian businesses accepting virtual currencies as a form of payment is growing. Bitcoin is emerging as the most popular of these new currencies – none of which are subject to a central authority. Governments, including Canada's federal government, are starting to take note, expressing opinions on the applicability of domestic laws and proposing new regulations. It is still early days for virtual currencies, however, and uncertainty remains. Before your business decides to accept Bitcoin as a form of payment, consider the practical and legal risks outlined below.

Complying with Anti-Money Laundering and Anti-Terrorist Financing Regulations

Compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is a central concern for many businesses considering accepting Bitcoin as a form of payment, especially businesses that deal with large sums of money.

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