The policies mandate virtual currency ATM operators and virtual currency trading platforms obtain a license. The Autorité des marchés financiers (AMF) has amended its Policy Statement to the Money-Services Business Act to apply to select Bitcoin businesses operating in the jurisdiction. The AMF stressed in its formal announcement, however, the licensure does not indicate that it is regulating the Bitcoin industry.
The decision by Québec notably follows a decision by the Canadian Parliament to amend its Proceeds of Crime (Money Laundering) and Terrorist Financing Act of 2000 to apply to the digital currency industry.
To date, the government has not made progress on creating regulation so that the law could be enforced, choosing instead to wait for the Senate’s formal guidance.
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