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BIG Blockchain Intelligence Group Supports Canada's New Cryptocurrency Regulations Draft Focused on AML and KYC
BIG Blockchain Intelligence Group Inc. ("BIG"), a leading developer of Blockchain technology s...
About this update from Bigg Digital Assets Inc.
[{"type":"text","content":"BIG Blockchain Intelligence Group Supports Canada's New Cryptocurrency Regulations Draft Focused on AML and KYCBIG Blockchain Intelligence Group Inc. (\"BIG\"), a leading developer of Blockchain technology search, risk-scoring and data analytics solutions, supports and comments on Canada's draft of new regulations related to Anti-Money Laundering (AML), Anti-Terrorist Financing (ATF) and Know Your Customer (KYC) rules within the cryptocurrency space. Draft comes days after the U.S. Securities and Exchange Commission (SEC) created the new role of Senior Advisor for Digital Assets and Innovation to balance consumer protection with innovation in multi-billion-dollar cryptocurrency marketProposed regulations to treat cryptocurrency exchanges & payment processors as money service businesses (MSBs)MSBs to report transactions over $10,000 CAD; new Know Your Customer (KYC) transaction threshold of $1,000 CADVancouver, British Columbia--(Newsfile Corp. - June 27, 2018) - BIG Blockchain Intelligence Group Inc. (CSE: BIGG) (WKN: A2JSKG) (OTC Pink: BBKCF) (\"BIG\" or \"the Company\"), a leading developer of Blockchain technology search, risk-scoring and data analytics solutions, as a company founded in Canada, is pleased to support the Government of Canada's June 9, 2018 release of an official draft of new regulations (the \"Regulations\") related to the country's Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) Regime, specifically in application to cryptocurrencies. BIG offers the following comments on the proposed legislation.The Regulations are designed to strengthen Canada's AML/ATF Regime while addressing a number of related deficiencies that the Financial Action Task Force (FATF) identified in 2015-16. The Regulations propose to treat cryptocurrency exchanges and payment processors as money service businesses (MSB), which requires: reporting large transactions (i.e., over $10,000 CAN or ~$7,700 USD)a new Know Your Customer (KYC) transaction threshold of $1,000 CAN (~$770 USD)\"We are very pleased with this new cryptocurrency regulations draft,\" said BIG CEO, Lance Morginn. \"It's understandable that there will be some marketplace opposition as these proposed regulations will require businesses to acquire and retain more customer data, which will add to the cost and complexity of business. At the same time, the intr...