BCSC targets EU virtual asset platform i-Coin
The British Columbia Securities Commission issues regulatory warning against i-Coin, a European cryptocurrency trading platform
What Happened?
April 29, 2020: Estonia-based cryptocurrency trading platform i-Coin was found to have accepted funds from a British Columbia resident without being recognized as an exchange or registered as a dealer in B.C. According to Canadian legislation, i-Coin’s activities were regulated and the firm has been added to the IOSCO warnings list.
Source: https://www.bcsc.bc.ca/Enforcement/Investment_Caution_List/i-Coin/
Who Is Impacted?
Cryptocurrency trading platforms and virtual asset service providers (VASPs) serving Canadian residents.
Why This Matters?
Many VASPs continue to operate on a global basis, without securing the required licenses or implementing the required KYC and AML compliance systems of the jurisdictions in which they accept users. This enforcement measure signals the importance for businesses to properly secure licensing in every jurisdiction they will accepting users.
What’s Next?
By adding i-Coin to the Investment Caution List, the BCSC has sent a clear message that these practices–although common in the cryptocurrency and fintech industries–are unlawful practices and can result in public enforcement.
VASPs who serve any Canadian user should seek legal and compliance advice from local experts to ensure they have the appropriate license for every jurisdiction in Canada.
learn more
Is your AML compliance too expensive, time-consuming, or ineffective?
iComply enables financial services providers to reduce costs, risk, and complexity and improve staff capacity, effectiveness, and customer experience.
Request a demo today.
The Economist + iComply: Banking on Blockchain
As Seen In: The Economist and iComply – Banking on Blockchain This September, iComply Investor Services partnered with The Economist on their Future Banking and Payments series to publish our "Banking on Blockchain" article covering the latest industry data regarding...
Digital Securities: Benefits & Use Cases – Free Resource
Blockchain technology is becoming ubiquitous in today's world–including the world of traditional finance. Global personal wealth surpassed US$200 trillion in 2017, and it's expected to grow by 7% (CAGR) every year until 2022. In such a widening pool of available...
Dimitrij Gede, Business Development, Europe
Dimitrij Gede joins iComply as Manager of our European offices. His specialized roles within the Luxembourg banking sector have given him a robust perspective on the vital nature that regulation plays within traditional and decentralized markets.Dimitrij has extensive...
