• Latest
  • Trending
  • All
  • News
  • BUSINESS
  • SCIENCE
  • LIFESTYLE
  • TECH
Balance introduces Balance Compliance for Canadian MSBs dealing in virtual currency

Balance introduces Balance Compliance for Canadian MSBs dealing in virtual currency

August 9, 2022
Benson Hill Announces Preliminary Unaudited 2022 Results and … – Business Wire

Cemex Statement Regarding Marine Terminal in Quintana Roo … – Business Wire

March 21, 2023
Penn State’s Aaron Brooks attacks Islam after NCAA wrestling win

Penn State’s Aaron Brooks attacks Islam after NCAA wrestling win

March 20, 2023
Zendaya Keeps Tom Holland Close With a Special Jewelry Tribute

Zendaya Keeps Tom Holland Close With a Special Jewelry Tribute

March 20, 2023
5 Digital Distractions Every L&D Pro Should Know About –

5 Digital Distractions Every L&D Pro Should Know About –

March 20, 2023
Benson Hill Announces Preliminary Unaudited 2022 Results and … – Business Wire

American citizen held hostage for 6 years in West Africa has been freed – CNN

March 20, 2023
Make Up For Ever Friends and Family Sale 2023: Best Items to Shop

Make Up For Ever Friends and Family Sale 2023: Best Items to Shop

March 20, 2023
Brioche Bread | The Recipe Critic

Brioche Bread | The Recipe Critic

March 20, 2023
Old-School Printer Helps Scientists Spot Bacteria in Blood

Old-School Printer Helps Scientists Spot Bacteria in Blood

March 20, 2023
Here Are the Top 10 Bloodless Wars in Human History

Here Are the Top 10 Bloodless Wars in Human History

March 20, 2023
How the press (both mainstream and Catholic) chose to cover Francis’ pontificate turning 10 — GetReligion

How the press (both mainstream and Catholic) chose to cover Francis’ pontificate turning 10 — GetReligion

March 20, 2023
FYE Store Irving Mall

FYE Store Irving Mall

March 20, 2023
First Republic Dives 47% to Record Low on Downgrade, Bank Talks

First Republic Dives 47% to Record Low on Downgrade, Bank Talks

March 20, 2023
  • Home
  • News
    • PRESS RELEASE
  • Shop
  • BUSINESS
    • CRYPTO
    • ECONOMY
    • FINANCE
    • MARKET
    • MONEY
  • TECH
    • APPS
    • GADGET
    • MOBILE
    • SCIENCE
  • SOCIAL MEDIA
  • ENTERTAINMENT
    • ARTS & THEATER
    • GAMING
    • GAMBLING
    • MOVIE
    • MUSIC
    • SHOWS
    • SPORTS
  • LIFESTYLE
    • CELEBRITY
    • CULTURE
    • Education
    • FASHION
    • FOOD
    • HEALTH
    • HISTORY
    • Nature
    • Religion
    • Shopping
    • TRAVEL
  • REAL ESTATE
  • Blog
  • Classifieds
No Result
View All Result
No Result
View All Result
Home PRESS RELEASE

Balance introduces Balance Compliance for Canadian MSBs dealing in virtual currency

by Minnesota Digital News
August 9, 2022
in PRESS RELEASE
0
Balance introduces Balance Compliance for Canadian MSBs dealing in virtual currency
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


TORONTO–(BUSINESS WIRE)–Balance, Canada’s largest digital asset custodian, today unveiled Balance Compliance, a turnkey solution which streamlines regulatory compliance for FINTRAC reporting entities dealing in virtual currency such as money services businesses (MSBs).

Balance Compliance is the result of over 18 months of work and enables Balance Custody clients which are FINTRAC reporting entities to perform the following on the platform:

  • designate default originators (i.e., conductors) and beneficiaries on digital wallets as well as external accounts to streamline compliance workflows;
  • submit instructing third party information on large deposits and automatically submit Large Virtual Currency Transaction Reports (LVCTRs);
  • comply with sanctions policies through our integration with Chainalysis, a leading blockchain data platform;
  • comply with Travel Rule requirements through our integration with Travel Rule Universal Solution Technology (TRUST), a leading industry solution;
  • export Large Virtual Currency Transaction (LVCT) records and records of virtual currency transfers equivalent to $1,000 or more in a standardized format.

“The regulatory burden for Canadian companies entering the space in 2022 is non-trivial. Depending on the business model, you might be looking at $100k+ in costs for just developing the LVCTR reporting system alone. For early stage startups these costs tend to be prohibitive, creating a barrier to entry and slowing down innovation. We’re happy to provide a solution where submitting LVCTRs is as easy as delegating Balance as your service provider in FINTRAC Web Reporting.” – Nuno Silva, Chief Product Officer

“Given FINTRAC’s recent retraction of its position with respect to merchant servicing and payment processing, certain virtual currency payment providers and crowdfunding platforms now need to register as MSBs. For a large majority of them, this new compliance overhead translates into negative unit economics. That doesn’t have to be the case. At scale, these costs blend in for us. Come leverage our platform for compliance peace of mind and focus on the core and spirit of your business instead.” – George Bordianu, Chief Executive Officer

Balance successfully serves crypto exchanges, OTC and prop. trading desks, neobanks, ATM networks, private funds, market makers, liquidity providers, and corporate entities and foundations. To find out more, visit www.balance.ca.

Press release issued on July 20, 2022

Further to the press release issued on July 20, 2022, Balance wishes to clarify that Balance itself is not a “qualified custodian” as such term is defined pursuant to applicable securities laws and that crypto trading platforms that are licensed with securities authorities in Canada are expected to use qualified custodians, absent any discretionary relief that may be granted by these regulatory authorities.

Disclaimer

PARADISO VENTURES INC. O/A Balance is a private company incorporated under the laws of the Canada Business Corporations Act, R.S.C., 1985, c. C-44, with the registered office address at 325 Front St W, 4th floor (Attn: Balance), M5V 2Y1, Toronto, Ontario, Canada which sells digital goods and services. This is not an offer or solicitation of any investment contract or financial security and should not be misconstrued as such. Digital assets and the blockchain are early technologies and as such have an associated high degree of risk. Balance cannot and does not offer financial or investing advice. For informational purposes only.



Source link

Share196Tweet123Share49
Minnesota Digital News

Minnesota Digital News

Saint Paul
◉
36°
Sunny
7:15 am7:24 pm CDT
Feels like: 28°F
Wind: 9mph NE
Humidity: 48%
Pressure: 30.07"Hg
UV index: 0
TueWedThuFri
39/36°F
39/25°F
37/18°F
41/27°F
Weather forecast Saint Paul, Minnesota ▸
Benson Hill Announces Preliminary Unaudited 2022 Results and … – Business Wire
PRESS RELEASE

Cemex Statement Regarding Marine Terminal in Quintana Roo … – Business Wire

by Minnesota Digital News
March 21, 2023
Penn State’s Aaron Brooks attacks Islam after NCAA wrestling win
SPORTS

Penn State’s Aaron Brooks attacks Islam after NCAA wrestling win

by Minnesota Digital News
March 20, 2023
Zendaya Keeps Tom Holland Close With a Special Jewelry Tribute
CELEBRITY

Zendaya Keeps Tom Holland Close With a Special Jewelry Tribute

by Minnesota Digital News
March 20, 2023
5 Digital Distractions Every L&D Pro Should Know About –
Education

5 Digital Distractions Every L&D Pro Should Know About –

by Minnesota Digital News
March 20, 2023
Benson Hill Announces Preliminary Unaudited 2022 Results and … – Business Wire
PRESS RELEASE

American citizen held hostage for 6 years in West Africa has been freed – CNN

by Minnesota Digital News
March 20, 2023
Make Up For Ever Friends and Family Sale 2023: Best Items to Shop
FASHION

Make Up For Ever Friends and Family Sale 2023: Best Items to Shop

by Minnesota Digital News
March 20, 2023
Brioche Bread | The Recipe Critic
FOOD

Brioche Bread | The Recipe Critic

by Minnesota Digital News
March 20, 2023
Old-School Printer Helps Scientists Spot Bacteria in Blood
HEALTH

Old-School Printer Helps Scientists Spot Bacteria in Blood

by Minnesota Digital News
March 20, 2023
Here Are the Top 10 Bloodless Wars in Human History
HISTORY

Here Are the Top 10 Bloodless Wars in Human History

by Minnesota Digital News
March 20, 2023
How the press (both mainstream and Catholic) chose to cover Francis’ pontificate turning 10 — GetReligion
Religion

How the press (both mainstream and Catholic) chose to cover Francis’ pontificate turning 10 — GetReligion

by Minnesota Digital News
March 20, 2023
FYE Store Irving Mall
Shopping

FYE Store Irving Mall

by Minnesota Digital News
March 20, 2023
First Republic Dives 47% to Record Low on Downgrade, Bank Talks
BUSINESS

First Republic Dives 47% to Record Low on Downgrade, Bank Talks

by Minnesota Digital News
March 20, 2023
Daily Crunch: Amazon CEO says laying off 9,000 more workers ‘is best for the company long-term’
TECH

Daily Crunch: Amazon CEO says laying off 9,000 more workers ‘is best for the company long-term’

by Minnesota Digital News
March 20, 2023
Larsa Pippen Stuns In Backless Jumpsuit While Kissing Marcus Jordan – Hollywood Life
ENTERTAINMENT

Larsa Pippen Stuns In Backless Jumpsuit While Kissing Marcus Jordan – Hollywood Life

by Minnesota Digital News
March 20, 2023
Chic Women in Children’s Books
LIFESTYLE

Chic Women in Children’s Books

by Minnesota Digital News
March 20, 2023
Backdoor Roths, Bad Debt, & When to Fire Your Financial Advisor
REAL ESTATE

Backdoor Roths, Bad Debt, & When to Fire Your Financial Advisor

by Minnesota Digital News
March 20, 2023
The IPCC’s 2023 Climate Report Has Dire Warnings About Humanity’s Future
SCIENCE

The IPCC’s 2023 Climate Report Has Dire Warnings About Humanity’s Future

by Minnesota Digital News
March 20, 2023
Benson Hill Announces Preliminary Unaudited 2022 Results and … – Business Wire
PRESS RELEASE

Illinois Department of Labor Recognizes March as National Ladder … – Illinois.gov

by Minnesota Digital News
March 20, 2023
Huawei MatePad 11 2023 specs arrive – SD870, 7,250mAh battery and more
MOBILE

Huawei MatePad 11 2023 specs arrive – SD870, 7,250mAh battery and more

by Minnesota Digital News
March 20, 2023
Minnesota Digital News

Copyright © 2022 Minnesota Digital News

Navigate Site

  • Disclaimer
  • Privacy Policy
  • Copyright Notice
  • Anti Spam Policy
  • Medical Disclaimer
  • DMCA Compliance
  • Terms and Conditions
  • Social Media Disclaimer
  • Amazon Affiliate disclaimer

Follow Us

No Result
View All Result
  • Home
  • News
    • PRESS RELEASE
  • Shop
  • BUSINESS
    • CRYPTO
    • ECONOMY
    • FINANCE
    • MARKET
    • MONEY
  • TECH
    • APPS
    • GADGET
    • MOBILE
    • SCIENCE
  • SOCIAL MEDIA
  • ENTERTAINMENT
    • ARTS & THEATER
    • GAMING
    • GAMBLING
    • MOVIE
    • MUSIC
    • SHOWS
    • SPORTS
  • LIFESTYLE
    • CELEBRITY
    • CULTURE
    • Education
    • FASHION
    • FOOD
    • HEALTH
    • HISTORY
    • Nature
    • Religion
    • Shopping
    • TRAVEL
  • REAL ESTATE
  • Blog
  • Classifieds

Copyright © 2022 Minnesota Digital News