Crypto MSB registration · Canada
Crypto MSB registration in Canada
Launching a crypto exchange, OTC desk or virtual currency transfer business? We help define your FINTRAC registration scope, prepare the application and build compliance around how your customers' funds actually move.
Book free consultationFINTRAC application support for virtual currency businesses
We assess whether your virtual currency activities require FINTRAC MSB registration and help describe those activities in the application. Exchanging virtual currency for money or another virtual currency, and transferring virtual currency for clients, can bring a business within the MSB framework. FINTRAC's official MSB guidance explains the covered services.
Registration identifies your business for federal AML/ATF supervision. It does not certify your platform or replace securities requirements. Custody, delivery of assets, customer contracts and the products you offer need a separate regulatory assessment. See the CSA's crypto asset guidance and our crypto exchange licensing guide.
Registration built around your crypto business model
An OTC desk, an exchange and a crypto payment service have different customer journeys. We begin with your transaction flow: who receives fiat, who controls wallets, how crypto reaches the customer and which counterparties are involved. That gives the application a consistent explanation of your actual activities.
For crypto OTC desks, we review settlement and delivery. For exchanges and transfer businesses, we map onboarding, wallet movements and the compliance controls behind them. A business outside Canada may need foreign MSB registration instead of a domestic MSB filing.
AML compliance and banking for a crypto MSB
A registration number is only one part of the launch. Your AML/ATF compliance program needs to explain client verification, risk assessment, transaction monitoring, reporting, record keeping and staff training for your model. For crypto activity, that means considering wallet and counterparty risks as well as the fiat payment flow.
We can coordinate CAMLO and MLRO support and MSB banking preparation alongside registration. Banks assess the business independently; FINTRAC registration does not guarantee an account. Start preparing your source-of-funds explanation and operating model before approaching providers.
Cost, documents and next steps
The application needs a coherent picture of your entity, owners, services and compliance officer. We help assemble the corporate and ownership documentation and manage clarification requests, keeping the application consistent with the compliance program and banking package.
Consulting, incorporation, compliance and banking costs depend on your scope. Our MSB startup cost guide covers the budget categories. In the first call, bring your jurisdiction of incorporation, planned products, customer markets and custody arrangements so we can identify the work your launch needs.
How BEMSB supports your registration
- Review of crypto activities and domestic MSB or FMSB route
- Application descriptions aligned with your transaction and wallet flows
- Corporate, ownership and supporting document preparation
- FINTRAC application and correspondence management
- Coordination of AML program, compliance officer and banking workstreams as needed
Frequently asked questions
No. FINTRAC registers MSBs and does not issue business licenses. Crypto businesses must also assess securities and other requirements that apply to their products and operating model.
An OTC desk exchanging or transferring virtual currency as a business can fall within FINTRAC's MSB requirements. The registration route and other regulatory obligations depend on its location, clients and settlement model.
No. Banks and account providers make their own onboarding decisions. Your compliance program, ownership, customer markets and transaction flows all matter to that assessment.
Get In Touch
Planning a crypto MSB in Canada?
Tell us about your entity, activities and target customers. Start with a free 30-minute consultation.
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Toronto, Ontario, M5B 1Y4, Canada