Hi Jake,
My name is Jack and I represent Canadian Virtual Exchange (also known as CaVirtex). CaVirtex is Canada's first Bitcoin trading market that allows you to buy and sell Bitcoins with Canadian dollars (cavirtex.com).
I believe you are referring to the report about the FINTRAC letter which suggests Bitcoin exchanges in Canada are exempt from strict money-laundering laws.
We are investigating the validity of this report.
Yes, the statement circulating around the web being that an MSB license would not as of yet be required to operate an exchange.
At the San Jose conference, Legals & Compliance and regulatory issues were a main and most interesting track.