The AMF today published amendments to the Policy Statement to the Money-Services Businesses Act. The amendments are intended in particular to reflect the framework set up under the Act governing certain activities of businesses that operate, for remuneration, automated teller machines and platforms for trading virtual currency in Québec.
Because the AMF oversees such businesses does not mean that it regulates virtual currencies. The fact that a business holds a licence issued by the AMF does not protect consumers from the risks associated with virtual currency.
The AMF also points out that the anonymity of virtual currency transactions and their relatively low costs may entice fraudsters to set up Ponzi and other schemes to lure investors. Virtual currency may be used to facilitate fraudulent transactions or simply fabricate fraudulent investments. This type of fraud may involve on-line offerings or trading platforms not authorized by the AMF.
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