ARTICLE · 11 MARCH 2015

Virtual Currency Companies Dealing In Quebec Now Regulated By The AMF

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The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial industry.

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Please note this blog was authored by Jennifer Egelnick, Manager, National Anti-Money Laundering Practice

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial industry. Amendments to the Policy Statement to the Money Services Businesses Act (the Act) published on February 12, 2015 now require money service businesses (MSBs) operating a virtual currency automated teller machine or a platform for trading virtual currency, like Bitcoin, to obtain a license.

As of April 2012, the Money Service Business Act requires all MSBs which offer currency exchange, cheque cashing, operate ATMs, wire transfers, issue or redeem bank drafts, money orders and traveller’s cheques, to obtain the correct class of license from the provincial regulator. Federal regulations dealing with MSBs still do not cover cheque cashers or ATM operators.

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