Early bitcoin infrastructure.Toronto Cryptocurrency Exchange
One of Canada's earliest bitcoin exchanges, founded in Toronto in 2013. Exchange activity in Canada stopped on 30 May 2014 under regulatory oversight, and the company carried on as an advocate for Canadian bitcoin users.
Greg and I registered the exchange and took the legal question to the regulators ourselves.
We registered the exchange and went to the regulators ourselves instead of waiting for them, and still could not get an answer on whether a bitcoin was a security. Everything we built sat on top of that one unanswered question.
Why it mattered
The problem
In 2013 nobody in Canada could tell you whether a bitcoin was a security, a currency or a commodity, and that answer decided whether an exchange was a business or a crime.
The approach
Greg and I built the exchange, registered it, and asked the regulators directly what a bitcoin was.
What held up
We stopped all buying, selling and exchange activity in Canada on 30 May 2014 under regulatory oversight, and kept the company going as an advocate for Canadian bitcoin users.
Looking back
Then
At the time this was infrastructure work: build the exchange, register it, and take the legal question to the regulators myself.
Now
Greg and I ran a working exchange in Toronto, and Canada still had no answer to what a bitcoin legally was when we stopped trading on 30 May 2014.
What stayed with me
We registered the exchange and went to the regulators ourselves instead of waiting for them, and still could not get an answer on whether a bitcoin was a security. Everything we built sat on top of that one unanswered question.