Full Money Service Licensing in Canada for Vault of Satoshi
Posted By admin on 2014-04-01
A Reddit post confirmed that Canada’s Vault of Satoshi received its license to act as a full Money Service Business (MSB). The company was in a probation period before gaining the license. The exchange did everything to remain transparent and active. The reputation of the institution actually comes from its policy to follow the rules and comply with regulations. Vault of Satoshi’s Director of Marketing Adam Cochran posted on Reddit, “Vault of Satoshi has always gone the extra mile to be a ‘by the books’ exchange. We’ve always been a registered corporation, let users know who we are, always reported to FinTrac, we follow all the same regulations as a currency exchange, and we operate inside all Canadian regulations on financial services.”
The company will now be able to accept customers all across Canada, as well as tend to clients around the globe. Cochran also added that the company’s financial and banking operations are now fully streamlined to broaden horizons and to be of better service to global clientele using their local currency. Cochran adds, “It’s the same reason why others continue to operate in the US from overseas, they are taking a gamble with your money, whereas we at Vault of Satoshi will only operate in methods and jurisdictions in which we can be a fully compliant financial entity. We don’t want your bitcoins magically disappearing”
Apart from the Canadian company’s achievement of obtaining the Money Service Business license, Vault of Satoshi has also applied for a license with the Investment Industry Regulatory Organization (IIRO) of Canada. This license is going to assist the company to play a major role in the evolution of digital currency, by becoming a “legal, transparent and reliable exchange.”
In order to stay handy and reliable, Cochran’s team will have to do their best to keep the exchange secure and safe.
Website : Vault of Satoshi