The Bitcoinz USA team has been working rather diligently to open three Bitcoinz USA locations equipped with machines in the U.S. and Canada.
Over the past several months the popularity of Bitcoins and all virtually currencies has sky rocketed, experiencing perhaps some of the greatest exposure they’ve had since their inception.
This exposure has a lot of positives but simultaneously it’s also quickly changing the regulatory climate, resulting in the potentially aggressive regulation of virtual currency companies by federal and state agencies in the U.S. and Canada.
Additionally, most of the regulatory attention revolves around the licensing of virtual currency companies. Requiring them to obtain a “money transmitter” license. Furthermore, many Canadian banks have also started to sever ties or connections with virtual currency companies in Canada, which the company has been closely monitoring.
Over the past several months the Bitcoinz USA management team has spent a lot of time seeking legal counsel to determine how to navigate through pending regulations and the shifting regulatory climate in both countries.
As a result, the company’s management team is currently preparing to make several applications to obtain a “money transmitter” license in several states. Also, based on legal opinion, the management team expects that Canada will also follow suit and adopt similar requirements, in which virtual currency companies will be required to have a “money transmitter” type of a license to operate a virtual currency business in Canada, the company is also carefully monitoring this scenario as well.
Moreover, the company’s management team continues to carefully conduct its due diligence to ensure that when the company opens its Bitcoinz USA locations that there will be no negative disruption to its business activities and will continue to provide updates as the company moves forward.
In conclusion, the Bayside management team believes that it’s important to communicate the company’s overall vision, objectives, goals and intentions to its shareholders so that the steps that the Bayside management team is currently taking makes better sense along the way. This year, Bayside is currently celebrating 30 years of business success, innovation and vision. At Bayside, we believe that the future is now because our efforts to build shareholder value for the future will have a positive impact on the world around us today.