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Canada

Canada runs one of the cheapest regulated entry points in the West for a crypto or payments business, which is why the FinTRAC money services business register fills faster than it empties. Registration covers foreign exchange dealing, money transferring, dealing in virtual currency, and issuing or redeeming money orders, and filing it costs nothing, which tells you how much of the real work sits after registration rather than before it. The entities listed below are Canadian corporations already carrying an active MSB registration, which takes the eight to sixteen weeks of a clean application off the table and, more usefully, means the banking conversation does not start from zero.

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Frequently Asked Questions (FAQ)

Do you need a license to run a crypto business in Canada? +

You need to be registered with FinTRAC as a money services business if you deal in virtual currency, transfer money, or exchange foreign currency for Canadian clients. Registration is an anti-money-laundering obligation, so it comes with reporting duties and a compliance program rather than any prudential approval of your business model.

Is a FinTRAC MSB the same thing as a crypto license? +

Close enough for how the market uses the word, and different enough to trip people up in practice. FinTRAC registers you and supervises your AML obligations. It does not authorize you to hold client fiat, run a payments business, or trade securities, and each of those pulls in a separate regulator.

How long does FinTRAC MSB registration take? +

FinTRAC processes a complete application in roughly three to six weeks. Realistically the end-to-end build runs eight to sixteen weeks once you add the written compliance program, the risk assessment, and bank onboarding, which is almost always the slowest piece.

How much does a Canadian MSB cost? +

There is no government registration fee and no statutory minimum capital. The spend goes into the compliance program, legal work, and banking, which runs somewhere between CAD 25,000 and CAD 75,000 to build from scratch. Buying a registered entity typically prices in the mid five figures in euros and skips most of that runway.

Can a foreigner own a Canadian MSB? +

Yes. There is no citizenship or residency requirement for shareholders. The entity has to be a Canadian corporation, and provinces differ on director residency, with British Columbia and New Brunswick imposing no Canadian-director requirement while federal incorporation asks for 25% resident directors.

Does the registration transfer when you buy the company? +

The registration sits with the corporation, so a share transfer keeps it in place, and you notify FinTRAC of the change in ownership and key personnel within 30 days. Any listing that suggests the paperwork is optional is a listing to walk away from.

How often does a Canadian MSB registration need renewing? +

Every two years, and a lapsed registration expires on its own with no grace period. Changes to products, addresses, ownership, agents, or the compliance officer get reported within 30 days, and failure to respond to a FinTRAC information request inside 30 days is one of the most common grounds for revocation.

Do you need Bank of Canada registration as well? +

If the business holds client fiat balances, initiates electronic funds transfers for customers, or runs fiat payouts, then yes, the Retail Payment Activities Act brings the Bank of Canada in as a second supervisor alongside FinTRAC. Pure crypto-to-crypto activity generally stays outside it.