Vault of Satoshi, a Bitcoin exchange based in Canada, announced that it has received a full Money Services Business license in its native country. Though it was an unusual to announce it in Reddit, it shows the importance of Reddit which in the last couple of months has become a platform where a lot of enlightening debate on the digital currency takes place.
This Bitcoin exchange which allows users trade fiat currency to crypto currencies such as Bitcoin, Litecoin, Peercoin and many more with other members of the Exchange, says that the license is national. It will allow the company to operate in every province of Canada as it serves clients located in most countries around the world.
In its crisp declaration, Vault of Satoshi’s Adam Cochran, who is working as director of Marketing said that as many of Bitcoiners know that this Bitcoin exchange has always gone the extra mile to be a “by the books” exchange, it has now registered with the Canada government for Full Money Services Business License.
He declared that Vault of Satoshi has been a registered corporation and allows users know about its credentials. The Bitcoin exchange reports to FinTrac and follows all the regulations as a currency exchange. The new development shows that the Bitcoin exchange which operates inside all Canadian regulations on financial services is further expanding its outreach.
Full Money Services Business License, a Step towards Greater Transparency
Director of Marketing in Vault of Satoshi said that the license for Full Money Services Business is aimed at bringing higher transparency. According to Mr. Cochran the Bitcoin exchange is currently streamlining its bank end financial systems to open itself to additional currencies so that in the future it can better serve clients in their local currency.
Nonetheless, it cost a lot for the company when it went through the legal process for the license; it chose not to operate in grey area but to spend. Replying to a question on the expenses on the legal process to get the license, Mr. Cochran said that it was aimed to provide greater security by complying the law of the land.
His concluding remarks that Vault of Satoshi does not want its customers’ Bitcoins magically disappearing and so legal decisions like this are absolutely paramount to making sure it can continue to operate properly. His remarks were definitely towards the bankrupt Bitcoin exchange Mt. Gox where thousands of investors lost their money.
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