Earlier in February, the financial regulatory agency in Quebec, Canada amended its Money Services Businesses (MSB) code to include owners and operators of Bitcoin ATMs. Therefore, Bitcoin ATM owners and operators are now required to apply for a MSB license in order to run their machine in Quebec. The Bitcoin Embassy, a Bitcoin advocacy group in Canada, responded to this decision in a press conference held on a local media station in Quebec. The Embassy stated that it was disappointed with Quebec’s lack of transparency and its exclusion of the Bitcoin community when making its decision to regulate Bitcoin ATMs:
“While we welcome the intention of the Province of Quebec’s financial regulator, the AMF (Financial Markets Authority) to clarify the regulation of Bitcoin ATMs, we are surprised by the lack of transparency and involvement of the Bitcoin community in this decision . . . We are also surprised that the AMF did not wait the regulations that their federal counterpart, Fintrac, is currently drafting. Quebec is the only province which imposes these requirements on Bitcoin ATM operators, which will be subjected to a heavier bureaucratic load than their counterparts in other Canadian provinces once federal regulations are in place.”
Image courtesy of the Bitcoin Embassy.