OK so you must be referring to Cavirtex or some other Canadian exchange -- not to Bitstamp (Slovenia?), Bitfinex (Hong Kong), BTC-e (Bulgaria), or LakeBTC (Hong Kong?) -- which, last time I looked, accounted for almost all trade outside China.
What are the Canadian regulations that apply to the bitcoin trading services of Cavirtex and other Canadian exchanges (apart from common laws, such as fraud, property theft, money laundering, etc.)? (Serious question.)
They pretty much have to adhere to the same regulation as banks, if not more. They' got their MSB license as well.
When the market wants more tightly regulated exchange they'll occur we already have the Winklevoss and Silbert funds which are just beginning. NY or Texas will probably launch a North American exchange that will foster growth due to many people not investing because of the arguments you pointed out with regulation abroad and other uncertainties.
More so generally the financial markets that claim to have regulation have enough loop holes that we have already got lots of Ponzis from the likes of Madoff to Merriman, taking peoples "safer" Fiat currency.