Vancouver, British Columbia – Newnote Financial Corp. (the “Companyâ€) (CSE: NEU; FSE: 1W4) would like to address the recent amendment to Bill C-31 in regards to virtual currencies.
The federal government passed a law on June 19 that makes Bitcoin subject to the same standards that apply to traditional financial markets. The rules will apply to all Bitcoin exchanges and ATMs. This move makes Canada one of the first countries to implement legislation that regulates digital currencies.
In addition to following the money services regulations, all Bitcoin exchanges in Canada are now required to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), an independent body that reports to the federal Minister of Finance whose main mandate is to prevent money laundering and the financing of terrorist activities.
Bitcoin companies from outside the country will also need to comply when doing business in Canada.
Newnote requested the MSB designation from FINTRAC on December 10, 2013 and received an official reply on January 3, 2014 stating ‘it does not appear that your entity will be engaged as an MSB in Canada as per our Act and associated regulations.’, therefore based on the amendment of Bill C-31, Newnote is in the process of adhering to the appropriate compliance requirements as set out by FINTRAC.
Paul Dickson, President and CEO states: “We are pleased that Canada has implemented what is the first official national law on Bitcoin use. This clearly adds credibility to crypto-currencies and the legitimacy of its use. The news of the amendment has arrived in good time for the imminent launch of our proprietary Bitcoin trading platform, ‘Puretrade’. â€
In addition, Newnote is pleased to report that the recent acceleration of the warrants has provided the company with an additional $360,000 of operating capital. The use of proceeds will be for marketing of products, services and general operating expenses. The company’s low overhead will enable us to operate with no further need of financing for the time being.
About Newnote Financial Corp.
Newnote Financial Corp. is pioneering innovative crypto-currency and Bitcoin related software products and services geared at the growing business segment of this bourgeoning market. Newnote has positioned itself to be a leading contender in delivering opportunities to startup businesses world-wide and continues to create new opportunities for its clients and its shareholders. Newnote has a clear vision on the direction in which this new and unique business is headed and is continually adjusting and adopting new business practices in both technology and the policies & procedures required by banks and securities regulators.
For further information please contact:
Paul Dickson
President, CEO & Director
Suite 709-700 West Pender Street
Vancouver, BC V6C 1G8
direct: 604-229-0480
fax: 604-685-3833
web: www.newnote.com
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Newnote Financial Corp. The forward-looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The CSE has not reviewed, approved or disapproved the content of this press release.
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Source: Newnote Financial Corp. (CSE:NEU) http://www.winrockresources.com/
