The Saskatchewan Financial and Consumer Affairs Authority (FCAA) cease trade order against Dominion Bitcoin Mining Company has been lifted as of September 8th, reports CBC News.
In May, the FCAA announced it was launching a formal investigation into the Canadian Bitcoin company’s dealings in Saskatchewan. At the time, the FCAA filed a cease trade order against Dominion, citing a possible violation of Saskatchewan’s securities law.
Dominion President Peter Voldeng told the CBC that the FCAA investigation was unfounded and the result of ignorance on the authority’s behalf.
“As far as we are concerned we are fine to conduct business in Saskatchewan,” said Voldeng. He said the FCAA interviewed him and his partners, who were never issued any finding of wrongdoing throughout the authority’s investigation.
Voldeng told that CBC that in his opinion, Bitcoin does not fall under the authority’s jurisdiction.
“They have absolutely no idea what bitcoin is,” he said. “It may have been that they thought bitcoin was a security that they could regulate.”
“A security that is regulated tends to be backed by government regulation … where as bitcoin is not regulated by any government but is more a purchase of a service for a product. People use it as a currency.”
Based in Saskatoon, Voldeng worked with partners in Regina, Edmonton, and Vancouver to build Dominion. He told the CBC that the company was founded to provide prospective investors with “proof of concept.” The concept is one for business-minded people interested in learning more about using Bitcoin, but who also need help incorporating the digital currency into their current business model.
Voldeng said his and his partners are moving ahead in a partnership with Toronto-based CoinCad to expand Bitcoin into the Canadian market.
“We’re expecting to actually develop the largest bitcoin mine in Canada,” said Voldeng of future plans for Dominion.
Image © 2008, Government of Saskatchewan (source)