Re: [ANN] [SWIFT] BitSwift | PoS @ 3% |4mil Supply | PoD + Crypto Certify | Blocknet
Dear Community,
Good news, we are happy to report that all users utilizing SWIFT are doing so on legal grounds by Canadian Law. We are also happy to report we are prohibited from registering as an MSB and as such not needing to comply with FINTRAC (Financial Crimes Canada) through our Canadian company re:reporting transactions. We are prohibited from reporting transactions of any type. Purchases of digital tokens to be used on a Decentralized Productivity Network are not considered "currency transfer". This is good news to all SWIFT users and for our registered company.
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Foreign exchange dealing (conducting transactions where you exchange one type of fiat currency for another fiat currency);
Remitting or transmitting funds by any means or through any person, entity or electronic funds transfer network; or
Issuing or redeeming money orders, traveller's cheques or other similar negotiable instruments (except for cheques payable to a named person or entity).
Unless you are carrying out any of the services listed above, you cannot, at this time, be registered with us as an MSB. Based on the information you have provided, namely that The customers can buy digital tokens which allow them to use software applications on the network" The service that you are providing does not correspond to the remitting or transmitting funds by any means or through any person, entity or electronic funds transfer network which we call electronic funds transfer. An electronic funds transfer means the transmission of instructions for the money transfer of funds to or from Canada. It does not include the instructions for the money transfer of funds from one place in Canada to another place in Canada. The action of your customers buying tokens does not constitute an electronic funds transfer in the context of our Act and associated Regulations. Therefore, at this time, it appears that you are not engaged in the business of providing MSB services. You cannot register with us.
We encourage you to check the FINTRAC website regularly for information on the status of regulations and the need for virtual currency businesses to register as MSBs in Canada.
I trust this information will be of assistance.
Best regards,
XXXXXXXXXXX
Compliance Officer
Regional Operations
We want to ensure our users our safe, as well as our company is operating within legal limits. Looks like we are all golden.
Lets do this!
-BitSwift
Good news, we are happy to report that all users utilizing SWIFT are doing so on legal grounds by Canadian Law. We are also happy to report we are prohibited from registering as an MSB and as such not needing to comply with FINTRAC (Financial Crimes Canada) through our Canadian company re:reporting transactions. We are prohibited from reporting transactions of any type. Purchases of digital tokens to be used on a Decentralized Productivity Network are not considered "currency transfer". This is good news to all SWIFT users and for our registered company.
---
Foreign exchange dealing (conducting transactions where you exchange one type of fiat currency for another fiat currency);
Remitting or transmitting funds by any means or through any person, entity or electronic funds transfer network; or
Issuing or redeeming money orders, traveller's cheques or other similar negotiable instruments (except for cheques payable to a named person or entity).
Unless you are carrying out any of the services listed above, you cannot, at this time, be registered with us as an MSB. Based on the information you have provided, namely that The customers can buy digital tokens which allow them to use software applications on the network" The service that you are providing does not correspond to the remitting or transmitting funds by any means or through any person, entity or electronic funds transfer network which we call electronic funds transfer. An electronic funds transfer means the transmission of instructions for the money transfer of funds to or from Canada. It does not include the instructions for the money transfer of funds from one place in Canada to another place in Canada. The action of your customers buying tokens does not constitute an electronic funds transfer in the context of our Act and associated Regulations. Therefore, at this time, it appears that you are not engaged in the business of providing MSB services. You cannot register with us.
We encourage you to check the FINTRAC website regularly for information on the status of regulations and the need for virtual currency businesses to register as MSBs in Canada.
I trust this information will be of assistance.
Best regards,
XXXXXXXXXXX
Compliance Officer
Regional Operations
We want to ensure our users our safe, as well as our company is operating within legal limits. Looks like we are all golden.
Lets do this!
-BitSwift
This right here is awesome! We need to spread this news as far & wide as possible. This really is important for everyone. For starters this gives BitSwift the green light to move forward without any fear of uncertainty or legal repercussions in the future. Not knowing how the government will treat crypto users has long been an issue. Nobody wants to invest in something only to find out they have broke laws and stand to lose what they put in. By the same token you could imagine the obstacles of trying to develop a platform to it's fullest while working in a grey area. Not ever being sure if you are in the clear or not. To your average shitcoin none of this would matter, but BitSwift has never been about that. This proves it.
At the same time this is also a huge boost of confidence to investors, both current and future. Proof Of Dev you say. This is real POD. As if you needed more convincing this right here shows how serious and committed BitSwift is. Congratulations to the BitSwift team and all those invested on this huge accomplishment. The future is bright, very bright indeed. I only have one question. Do you Swift?