MSB registration — virtual currency dealing in Canada

About This Company

Sections 5(h.1) and 11.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act establish the registration framework for virtual currency dealers. Applying for a fresh registration requires submitting a complete package to FINTRAC in Ottawa. No statutory deadline restricts the review period. Most complete applications are decided within three months, but FINTRAC closes incomplete submissions without review and applicants must reapply. Statutory minimum capital is CAD 0, and FINTRAC levies CAD 0 in application fees. Annual supervisory fees are CAD 0 as well. By choosing an acquisition of shares, the registered legal entity retains its registration number without a new primary application. That process requires submitting an official Change form to FINTRAC within 30 days of the transaction. Under PCMLTFA s. 11.11, every controller taking 20% or more of the shares must submit a criminal record check issued within the preceding 6 months. If the business undertakes retail payments under the Retail Payment Activities Act, acquiring one-third of voting control requires formal re-registration taking 60 to 180+ days before completion. The buyer should verify on the public registry that all existing officer details remain current before signing. Missed reporting deadlines expose the company to administrative monetary penalties or registration cancellation.