MSB registration — virtual currency dealing in Canada

About This Company

Sections 11.12 and 11.13 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act establish the registration framework for Canadian money services businesses. FINTRAC charges no application fee and collects no annual fee from registered entities. The legal regime requires no minimum capital and imposes no ongoing own-funds or solvency ratios. Supervision centres instead on AML and CTF compliance maintenance. A buyer inherits specific statutory maintenance obligations alongside the operational entity. Every registered firm must complete an independent compliance review biennially. Registration remains valid for two years, requiring an application for renewal before the expiry date to avoid expired status. Operating under an expired status is unlawful. Management must report any modification of ownership, controllers, officers or business addresses to Ottawa within 30 days using the official Change form. New owners holding 20% or more must submit criminal record checks issued within 6 months. Advertising the registration as a licence or public endorsement is prohibited by law. Prior to completion, the buyer inspects these filings directly in the public register.