Bitcoin Daily: Canada Eases Crypto Rules; Bitcoin ATMs Elude AML Efforts

Cryptocurrency exchanges in Canada will now only have to report transfers of more than CA$10,000 ($7,663).

The move comes after the Canadian government decided to ease up on some of its new anti-money laundering regulations due to feedback from payment service providers and crypto exchanges. As a result, the platforms are now classified as money service businesses (MSBs).

MSBs will now include domestic and foreign businesses that are “dealing in virtual currency,” Canada’s government said. “As required of all MSBs, persons and entities dealing in virtual currencies would need to fulfill all obligations, including implementing a full compliance program and registering with FINTRAC,” the government said, according to Hard Fork.

In other news, Spanish law enforcement authorities have exposed a flaw in European anti-money-laundering controls.

Bloomberg reported that during a case regarding a gang that used bitcoin ATMs as a front for illegal drug payments, authorities discovered that the rules to force money handlers to vet their clients don’t apply to the cash machines’ owners or to crypto trading platforms.

The Litecoin Foundation has announced that Litecoin has become the “Official Cryptocurrency of the Miami Dolphins.”

The partnership between the Dolphins, Litecoin and Aliant Payments will give fans the ability to pay with Litecoin and bitcoin when purchasing tickets for the team’s 50/50 raffle, where half of the proceeds benefit the Miami Dolphins Foundation and its charitable causes.

“We’re thrilled to see Litecoin become the official cryptocurrency of the Miami Dolphins,” Charlie Lee, creator of Litecoin and managing director of the Litecoin Foundation, said in a press release. “This collaboration propels Litecoin in front of an audience of millions of people around the world at a time where adoption of cryptocurrencies continues to gain momentum and the ecosystem is able to support real-world use cases in ways previously not possible. We see this as a powerful way to raise awareness and educate people about Litecoin and cryptocurrencies on a tremendous scale.”

And IDEO CoLab revealed that it has partnered with 20 blue chip and crypto firms on the blockchain accelerator Startup Studio.

Partners including Amazon, Deloitte, and Fidelity — as well as crypto data firm Messari, the Ethereum Foundation, the Stellar Foundation and more — will host acceleration programs to provide blockchain entrepreneurs and firms with the tools and funding needed for the “development, adoption and impact of blockchain technology,” said Ian Lee, managing director at IDEO CoLab Ventures, according to CoinDesk.