If you plan to start a crypto business in Canada, we will gladly help you obtain a cryptocurrency license and all related matters.

Afterward, we will help you prepare all the necessary documents within 3-4 weeks. It includes AML/CFT policies, technological risk management, cyber hygiene, etc.

Finally, we will help you prepare a comprehensive business plan to submit with your MSB license application to FINTRAC for review. Upon receiving in-principle approval, you must meet the required timeframe and comply with certain obligations, such as liability disclaimers and payment of paid-up share capital. This step can take up to a month.

Canadian Crypto License Algorithm

The process of obtaining an MSB license in Canada involves several steps.

First, you must register a local company, which usually takes 2-3 weeks in Canada. However, our team of professionals can quickly help you with the whole process. We know all the road bumps, and our assistance will help you to avoid all the hustle. For example, British Columbia is a state where it’s not required to have a local director, and we can use this option if it’s relevant to your situation. 

In Canada, virtual currency is not considered legal tender, but its use is not prohibited. Transactions with cryptocurrency are allowed, although you can’t use these assets to pay state fees, taxes, and similar payments. The Canada Revenue Agency (CRA) has defined cryptocurrency as a commodity that can be used in a barter transaction to exchange goods.

To open a cryptocurrency business in Canada and operate legally, you will need an MSB license. With this license, companies can perform currency exchanges, and money transfers, including cross-border transfers for private customers and businesses, and provide wallet services.

To obtain an MSB license, the company must fulfill specific requirements, including the following:

  • Have a physical office in Canada.
  • Have your company registered with FinTRAC.
  • Comply with AML/CTF policies and regulations and have a specific staff member responsible. 
  • Additionally, all founders, shareholders, and employees must have clean criminal records in their country of citizenship.

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