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A Canadian proposal to regulate virtual currency firms as money services businesses but otherwise "tread lightly" with federal rules is a welcome approach, according to bank representatives and anti-money laundering consultants. In a June 12 report, the Standing Committee on Banking, Trade and Commerce said that federal officials "should require digital currency exchanges, with the exclusion of businesses that solely provide wallet services, to meet the same requirements as money services businesses." The committee also recommended that Canadian officials use a "light regulatory touch" to permit digital currency firms and associated technology to develop. If allowed to grow, the burgeoning...