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.
Why Blockchain Matters for Marketing Researchers
Initially published on the Marketing Research and Intelligence Association (MRIA) website. Imagine an Ipsos Reid poll where the data was open and accessible to anyone with an internet connection. Let’s say this poll was studying user adoption for a new banking...
iComply Launches iComplyID, Blockchain Powered Portable Identity and KYC
iComplyID is a zero-knowledge proof, legal-entity identifier. Vancouver, B.C. – iComply (iComply Investor Services Inc.) is announcing the launch of iComplyID, which acts as a portable KYC (“know your customer”) solution for digital identity management in financial...
Thomas Linder, Author of the Blockchain Crypto Property Framework, to Advise iComply
Vancouver, B.C. – iComply (iComply Investor Services Inc.), is announcing today that Thomas Linder, author of the Crypto Property Framework (BCP), Tax Partner at MME, and pioneer in the blockchain and digital asset space has joined its advisory board. “Thomas is a...
