Live in Hawaii and need advice on how to invest in bitcoin. The DCCA in Hawaii made it difficult for residents to invest in bitcoin, since March when they regulated bitcoin exchange as a money transmitter. Coinbase and any other well named trader will no longer do business with Hawaii residents.
Live in Hawaii and need advice on how to invest in bitcoin. The DCCA in Hawaii made it difficult for residents to invest in bitcoin, since March when they regulated bitcoin exchange as a money transmitter. Coinbase and any other well named trader will no longer do business with Hawaii /r/Bitcoin
[FULL ANALYSIS] Bitcoin exchanges and payment processors in Canada are now regulated as Money Service Businesses
Hello Bitcoiners! Many of you saw my tweet yesterday about the Bitcoin regulations in Canada. As usual, some journalists decided to write articles about my tweets without asking me for the full context :P Which means there has been a lot of misunderstanding. Particuarly, these regulations mean that we can lower the KYC requirements and no longer require ID documents or bank account connections! We can also increase the daily transaction limit from $3,000 per day to $10,000 per day for unverified accounts. The main difference is that we now have a $1,000 per-transaction limit (instead of per day) and we must report suspicious transactions. It's important to read about our reporting requirements, as it is the main difference since pretty much every exchange was doing KYC anyway. Hopefully you appreciate the transparency, and I'm available for questions! Cheers, Francis ********************************************* Text below is copied from: https://medium.com/bull-bitcoin/bitcoin-exchanges-and-payment-processors-in-canada-are-now-regulated-as-money-service-businesses-1ca820575511
Bitcoin is money, regulated like money
Notice to Canadian Bitcoin users
If you are the user of a Canadian Bitcoin company, be assured that:
These regulations only target virtual currency exchanges and virtual currency transmitters (e.g. payment processors, custodial wallets).
No action on your part is currently required. It is businesses that have to comply, not users.
You may notice that the exchange service you are using has change its transactions limits or is now requiring more information from you. You can stop reading this email now without any consequence! Otherwise, keep regarding if you are interested in my unique insights into this important topic!
Background on regulation
Today marks an important chapter for Bitcoin’s history in Canada: Bitcoin is officially regulated as money (virtual currency) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act of Canada (PCMLTFA), under the jurisdiction of the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC). This is the culmination of 5 years of effort by numerous Bitcoin Canadian advocates collaborating with the Ministry of Finance, Fintrac and other Canadian government agencies. It is important to note that there is no new Bitcoin law in Canada. In June of 2014, the Governor General of Canada (representing Her Majesty Queen Elizabeth II) gave royal asset to Bill C-31, voted by parliament under Stephen Harper’s Conservative government, which included amendments to the PCMLTFA to included Bitcoin companies (named “dealers in virtual currency”) as a category of Money Service Businesses. Thereafter, FINTRAC engaged in the process of defining what exactly is meant by “dealing in virtual currency” and what particular rules would apply to the businesses in this category. Much of our work was centred around excluding things like non-custodial wallets, nodes, mining and other activities that were not related exchange or payments processing. To give an idea, the other categories that apply to traditional fiat currency businesses are:
Foreign exchange dealing
Remitting or transmitting funds
Issuing or deeming money order or similar negotiable instruments
When we say that Bitcoin is now regulated, what we mean is that these questions have been settled, officially published, and that they are now legally binding. Businesses that are deemed to be “dealing in virtual currency” must register with FINTRAC as a money service business, just like they would if they were doing traditional currency exchange or payment processing. There is no “license” required, which means that you do not need the government’s approval before you can operate a Bitcoin exchange business. However, when you operate a Money Service Business, you must register and comply with the laws… otherwise you risk jail time and large fines.
What activities are regulated as Money Service Business activity?
A virtual currency exchange transaction is defined as: “an exchange, at the request of another person or entity, of virtual currency for funds, funds for virtual currency or one virtual currency for another.” This includes, but is not limited to:
Bitcoin trading platforms (orderbooks)
Bitcoin exchange platforms (fixed-rate)
Selling or buying Bitcoin OTC professionally
Crypto-to-crypto trading (orderbook, fixed-rate or OTC)
Notice to foreign Bitcoin companies with clients in Canada
Regardless of whether or not your business is based in Canada, you must register with FINTRAC as a Foreign Money Service Business, if:
You direct your MSB services at persons or entities in Canada
The regulation of Bitcoin exchange and payment services has always been inevitable. If we want Bitcoin to be considered as money, we must accept that it will be regulated like other monies. Our stance on the regulation issue has always been that Bitcoin exchanges and payment processors should be regulated like fiat currency exchanges and payment processors, no more, no less. This is the outcome we obtained. To comply with these regulations, we are implementing a few changes to our Know-Your-Customer requirement and transaction limits which may paradoxically make your experience using Bull Bitcoin and Bylls even more private and convenient!
The bad news
We are adding per-transaction limits in addition to daily volume limits.
The per-transaction limit for accounts with limited verification is $1,000 (previously $3000). To conduct transactions over $1,000 you must get your account verified.
We require users to provide their Date of Birth as a requirement to change their verification status to “Verified”.
We require users to provide their Occupation as a requirement to change their verification status to “Verified”.
The good news
We are increasing the daily volume limit from $3,000 to $10,000 for users that have the “limited” account verification status. Users with limited account verification can do multiple transactions as long as they are each below the $1,000 threshold and as long as they don’t exhibit suspicious behavior (see details below).
Identity documents will no longer be required for users that can be identified using their credit files. They will only be required where identification using credit file lookup was inconclusive. This change will take effect later this summer.
Connecting bank accounts to Bull Bitcoin using the flinks bank verification software will no longer be required for users that can be identified using their credit files. This will only be required where identification using credit file lookup was inconclusive. This change will take effect later this summer
The user’s KYC info (name, address, date of birth and occupation)
Suspicious transaction reporting
Satoshi Portal is required to make suspicious transactions report to FINTRAC after we have detected a fact that amounts to reasonable grounds to suspect that one of your transactions is related to the commission or attempted commission of a money laundering offence or a terrorist activity financing offence. Failure by Satoshi Portal Inc. to report a suspicious transaction could lead to up to five years imprisonment, a fine of up to $2,000,000, or both, for its executives. We are not allowed to share with anyone other than FINTRAC, including our clients, the contents of a suspicious transaction report as well as the fact that a suspicious transaction report has been filed.
What is suspicious activity?
Note forbitcoinca: this section applies ONLY to Bull Bitcoin. Most exchanges have much stricter interpretation of what is suspicious. You should operate under the assumption that using Coinjoin or TOR will get you flagged at some other exchanges even though it's okay for Bull Bitcoin. That is simply because we have a more sophisticated understanding of privacy best practices. Identifying suspicious behavior is heavily dependent on the context of each transaction. We understand and take into account that for many of our customers, privacy and libertarian beliefs are of the utmost importance, and that some users may not know that the behavior they are engaging in is suspicious. When we are concerned or confused about the behaviors of our users, we endeavour to discuss it with them before jumping to conclusions. In general, here are a few tips:
Don’t provide false of misleading information. We will know right away if your date of birth, address and name don’t match.
Don’t try to exploit loopholes in the KYC process.
Don’t transact on behalf of someone else without telling us.
Be cooperative with customer support.
Here are some examples of behavior that we do not consider suspicious:
Coinjoin or other Bitcoin privacy techniques.
Using VPNs, TOR or VOIP phones.
Asking questions about, or criticizing, our privacy policies.
Talking negatively about banks or government.
Here are some example indicators of behavior that would lead us to investigate whether or not a transaction is suspicious:
Making statements about being involved with criminal activity.
Saying you don’t want the government to know about your transactions.
Asking advice about concealing source of funds or tax avoidance.
Funding your account from a bank account that is not in your name.
Conducting transactions on behalf of someone else without telling us.
Trying to falsify your identity or impersonating someone else.
Making multiple bill payments to the same recipient, or multiple Bitcoin purchases, in a way which seems structured specifically to avoid the $1,000 transaction amount KYC threshold.
Continuing to perform transactions that are unnecessarily complex, inefficient and not cost-effective after having been advised otherwise by our staff.
What does this mean for Bitcoin?
It was always standard practice for Bitcoin companies to operate under the assumption they would eventually be regulated and adopt policies and procedures as if they were already regulated. The same practices used for legal KYC were already commonplace to mitigate fraud (chargebacks). In addition, law enforcement and other government agencies in Canada were already issuing subpoenas and information requests to Bitcoin companies to obtain the information of users that were under investigation. We suspect that cash-based Bitcoin exchanges, whether Bitcoin ATMs, physical Bitcoin exchanges or Peer-to-Peer trading, will be the most affected since they will no longer be able to operate without KYC and the absence of KYC was the primary feature that allowed them to justify charging such high fees and exchange rate premiums. One thing is certain, as of today, there is no ambiguity whatsoever that Bitcoin is 100% legal and regulated in Canada!
As I was strolling around the forums I spit my coffee today. Some people in crazytown forums actuall wants Blizzard to make a cash shop where you can buy an item and basically customize its mods. Wich is basically equivalent to Satoshi Nakamoto the bitcoin founder printing bitcoins as he sees fit and then selling them to you. If satoshi wants bitcoins he needs to mine them like everybody else. Satoshi wrote the arbiting paper that makes this sytem work and be legitimate by the principe of "proof of work". All this in the hopes of "stopping the chinese farmer", or any other seller here in America. Well if the item is found, and it took years of farming and associated energy cost, it is his item. You need to accept that. What Blizzard can do, is that it if wants to be an intermediate and facilitate the transaction, and thereby comply with all rules and regulations associated with being a money transmitter. Wich Jay Wilson was amateurishly unrepared for. Had he really been up to the task, and smart about virtual currencies, he would have seen things ahead of the curve and prepare for this, as it was easy to predict back then for somebody that was following the news. He could have coupled his product to the fever of virtual currencies and increase revenues tenfold, if the game would have been up to par with the currency itself, and the system robust and dupe-free. Alot of crappy shitcoins backed by nobodies and air made billions since that time, Blizzard could have even subverted and owned that whole cryptocurrency idea of a virtual currency/rarity if it had the right people at the helm, and even compete with Bitcoin. So what happened was :pump fake to the people who like trading in D2, pump fake to the people who like PvPing in D2, make it bad, have them leave, create a vacuum, have the D3 fans aggregate themselves so they can subvert the Diablo games and call themselves Diablo fans. Never settle yourself in any camp in particular, find youself no man's land. Get your legs stuck in crybaby cement. Congrats Jay Wilson, well done. Your lack of foresight and lack of follow through cost the company 10's of billions.
05-23 12:14 - 'Global Intelligent Lighting Controls Market : Industry Analysis and Forecast (2019-2026)' (self.Bitcoin) by /u/AjayMaximze removed from /r/Bitcoin within 2-12min
''' [Global Intelligent Lighting Controls Market]1 was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at a CAGR of 14.10 % during a forecast period. [link]3 The intelligent lighting control system contains multiple lighting fixtures, which are connected in a network to control lighting. It also increases energy efficiency, performance, and customer value. The evolution of smart technology has considerably changed the lighting industry in terms of energy, money-saving and boosted the safety and convenience of the end-users. An increase in electricity prices across the globe, incorporation of physical security industry with intelligent lighting, shifting paradigm of lighting control industry to electronics industry are some of the driving factors behind the growth of the global intelligent lighting controls market. In many countries across the globe, the government has formulated regulations to utilize and manage electricity consumption efficiently, which are expected to drive the global intelligent lighting controls market growth. On the other hand, the high installation cost for intelligent lighting control is expected to limit the adoption of intelligent lighting controls in the global market. Furthermore, the growth of smart homes and wireless lighting control systems are expected to offer key opportunities in the global intelligent lighting controls market during the forecast period(2019-2026). The Sensors are expected to grow at a XX % rate of CAGR during the forecast period. The demand for sensors is increasing because of its features like dimming, and long lamp life, which is also expected to increase the demand for sensors. Region-wise, The Asia Pacific region is projected to be a leading region in the global intelligent lighting controls market. The leading position in the market can be attributed to the rise in government investments for developing smart homes in developing countries like China and India. A high rate of production and the consumption of the lighting products in the region are also attracting foreign key players to invest in the country. Leading global intelligent lighting controls market key players are focusing on the manufacturing process of lighting systems, which can be easily retrofitted in the existing retail, commercial and industrial buildings sector. For instance, in 2018, Honeywell introduces a suite of next-generation energy management software and safe cloud communication systems. The objective of the report is to present a comprehensive analysis of Global Intelligent Lighting Controls Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Intelligent Lighting Controls Market dynamics, structure by analysing the market segments and project the Global Intelligent Lighting Controls Market size. Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Intelligent Lighting Controls Market make the report investor’s guide. The Scope of the Report for Global Intelligent Lighting Controls Market Global Intelligent Lighting Controls Market, By Component Type • Sensors • Ballasts and LED Drivers • Microcontrollers • Dimmers and Switches Actuators • Transmitters and Receivers • Intelligent Luminaries Global Intelligent Lighting Controls Market, By Connectivity Type • Wired o Building Automation & Control Network (BACnet) o Digital Addressable Lighting Interface (DALI) o Power Line Communication (PLC) o Proprietary Control • Wireless o EnoCean o ZigBee o Bluetooth o Wi-Fi Global Intelligent Lighting Controls Market, By Light Source • Fluorescent Lamp (FL) • Light Emitting Diode (LED) • High Intensity Discharge (HID) Lamps Global Intelligent Lighting Controls Market, By End User • Residential • Commercial • Industrial • Hospitality • Automotive • Others Global Intelligent Lighting Controls Market, By Region • North America • Europe • Asia Pacific • Middle East & Africa • South America Key players operating in Global Intelligent Lighting Controls Market • Acuity Brands Inc. • Lutron Electronics Co. Inc. • Osram GmbH • Philips Lighting • Schneider Electric • Honeywell International Inc. • Hubbell Incorporated • Legrand • Leviton Manufacturing Co. Inc. • LSI Industries Inc. • Control4 Corporation • Cree Inc. • Eaton Corporation PLC • Enlighted Inc. • General Electric Company Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Lightning Network will create hubs, which will transfer funds from one party to another. This falls into IRS's definition of "third party settlement organization": https://www.irs.gov/payments/third-party-network-transactions-faqs As such, IRS requires these to report the transactions. So, who will be willing to be a Lightning Hub and report to the IRS? Most likely only banks or large exchanges, which are subject to KYC and AML regulations. If so, then the conspiracy theories about banksters hijacking Bitcoin don't sound like conspiracy theories anymore. I welcome a debate and to show how this will not be the case.
Regulated Exchange Launches in US With Crypto-Backed Visa Card Offering
A FinCEN-registered crypto exchange has launched with its own debit card that allows holders to pay for goods and services with digital assets. Utah-based CoinZoom announced Wednesday it would begin onboarding new institutional and retail clients, and will offer a Visa payment card that instantly converts cryptocurrencies into U.S. dollars. As a registered money service business with FinCEN in most U.S. states and territories, CoinZoom has to comply with local regulations, including those concerning consumer protection and know-your-customer (KYC) requirements. The exchange is also licensed as a money transmitter in the U.S., as well as a digital currency exchange in Australia. CoinZoom supports most prominent cryptocurrencies, such as bitcoin (BC) or ether (ETH), in pairs with the U.S. dollar, providing a fiat gateway into the asset class. The platform also includes a staking facility for selected proof-of-stake (PoS) coins, which provide rewards for holders. The exchange, which already has a trading app available for Apple iOS devices, can also be used as a remittance solution, according to CoinZoom founder and CEO Todd Crosland. “CoinZoom is not only the first U.S. cryptocurrency exchange to provide a Visa card to its customers, but also offers ... industry-first features like ZoomMe, CoinZoom’s free Peer-to-Peer crypto and fiat payment system," he said Last year, U.S.-based cryptocurrency exchange Coinbase, which is also a registered MSB with FinCEN, released its own Visa-backed debit card, but only for users based in the U.K. and European Union. The exchange announced Tuesday it had newly integrated the Coinbase Card with mobile payment provider Google Pay.
“Bitcoin can be easily purchased in exchange for ordinary currency, acts as a denominator of value, and is used to conduct financial transactions.” Id. at 545 (citing SEC v. Shavers, No. 4:13-cv-416, 2013 WL 4028182, at *2 (E.D. Tex. Aug. 6, 2013)(“It is clear that Bitcoin can be used as money. It can be used to purchase goods or services With any new industry, the opportunities come first and the regulations usually follow. The Bitcoin ATM industry is pretty new, with the first machine in the U.S. going online in February 2014 and as of this writing, there are 2,227 Bitcoin ATM kiosks in the U.S. and a total of 3,750 crypto ATM kiosks worldwide. Currently, regulations are in place, but aren’t being enforced. VIENNA, Va. - To provide clarity and regulatory certainty for businesses and individuals engaged in an expanding field of financial activity, the Financial Crimes Enforcement Network (FinCEN) today issued the following guidance, Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies. The guidance is in response to questions raised by financial Bitcoin paid for services rendered or to independent contractors must be reported on IRS Form 1099, with self-employment tax possibly being applicable. Finally, capital gain on altcoins is taxable, as gains would be in stocks and bonds. The government has taken a cautious position toward bitcoin money transmitters. All but two states have specific guidelines for money transmitters, but not all have clearly defined if virtual currencies are part of the mix. For states that do define virtual currency under current laws, a Bitcoin money transmitter license is likely to be required to conduct business. If a company is helping transact, exchange, or transfer
"Virtual Currency" Legislation Roundtable - 9/1/2015 Part 1
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