That's another great question, Mr. Chair.
The issue of cryptocurrencies—virtual, digital currencies—is one that's under careful study in the MLTFA space.
If I may, I would perhaps make three points. The first is that we have been taking steps. We've noted our intention to bring forth regulations in respect of dealers in virtual currency so that we can re-establish the level playing field in that space, in the sense of how money service businesses transact, as the member said, across borders and so on. There is work coming forward shortly that will address that specific space.
A second point is that the innovation in this space has both risks and challenges. The inherent challenge is the anonymity of the currencies, and the requirement to meet requirements to not have anonymity, to know your customer, is an inherent tension between how the new technology is being used and the regime. That's something we are actively mindful of and watching carefully.
That said, I think the technology has another potential that has been flagged, to have the record of who is behind what transactions. That has an area of discussion around it called regtech. In this space, the question is being posed as to whether you could in a sense build in the requirements to know your customer and make sure that transactions are compliant with the objectives and structures of the regime, so that as these technologies evolve, maybe we can lighten our requirements on the private sector and have that innovation move to a place that can bring all the benefits that are promised, as well as build in the important safeguards that the space concerns itself with.