MSB registration — virtual currency dealing in Canada

About This Company

On the day of closing, the acquirer takes full ownership of a Canadian entity incorporated in 2025. Federal money services business status remains attached to the corporate vehicle. Registration cannot be assigned or transferred to another firm. Under the PCMLTFA and FINTRAC Registration Regulations, any change in ownership, control, directors or officers triggers a mandatory notification to FINTRAC within 30 days. Incoming owners acquiring 20% or more direct or indirect control must submit criminal record checks issued within the preceding 6 months. Failure to report changes within 30 days risks administrative monetary penalties, criminal charges or registration revocation.

Corporate restructuring through an asset purchase cannot transfer this status. An asset buyer must complete pre-registration and submit an entirely fresh application package. Prospective purchasers should examine whether planned operations trigger the Retail Payment Activities Act. Under RPAA s. 24, acquiring one-third or more of voting control requires submitting a new registration application and obtaining prior approval before closing. That process involves a national-security review by the Minister of Finance lasting 60 to 180+ days. Buyers should verify whether their transaction structure demands advance clearance or post-closing notification.