FAQ

Q: What is an MSB “crypto license” in Canada?

In Canada, an MSB is a FINTRAC registration (not a classical banking license). To work with crypto, you add the activity dealing in virtual currency to the scope.

Q: How long does an MSB transfer/registration take?

A ready-made company transfer typically takes 7–14 days (after KYC and signing). A new registration from scratch is about 6–8 weeks, depending on the model and documents.

Q: Do I need Canadian directors or an office?

A foreign MSB model is allowed. You must properly update controlling parties with FINTRAC and comply with AML/KYC requirements. A physical office in Canada is not required for most models.

Q: Can we operate only with crypto (no fiat)?

Yes. With the Virtual Currency activity enabled, you may provide services with virtual currency (exchange, wallets, OTC) provided AML/KYC procedures, monitoring and reporting are in place.

Q: Do you open accounts/neo-banks and handle integrations?

We support onboarding to Crypto EMI/banks and integrations. The provider makes the final decision; we prepare the compliance pack, flow descriptions and help pass due diligence.

Q: How is an MSB different from PSP/EMI and a banking license?

MSB is a FINTRAC registration for money services (including virtual currency, FX, transfers). PSP is a separate regime under the Bank of Canada. EMI and banking licenses have different rights and capital requirements — not the same as an MSB.

Q: How do I verify an MSB in the FINTRAC registry?

Request the MSB number and legal name from us. Check the public FINTRAC registry and ensure the activity dealing in virtual currency is listed.

Q: What documents are required from the buyer (KYC)?

Passport/ID, proof of address, beneficial owner and source of funds information, and corporate documents. For legal entities: constitutional documents, ownership structure, shareholder register, etc.

What is an MSB “crypto license” in Canada?

In Canada, an MSB is a FINTRAC registration (not a classical banking license). To work with crypto, you add the activity dealing in virtual currency to the scope.

How long does an MSB transfer/registration take?

A ready-made company transfer typically takes 7–14 days (after KYC and signing). A new “from scratch” registration is about 6–8 weeks, depending on the model and documents.

Do I need Canadian directors or an office?

A foreign MSB model is allowed. It’s crucial to properly update controlling parties with FINTRAC and meet AML/KYC requirements. A physical office in Canada is not required for most models.

Can we operate only with crypto (no fiat)?

Yes. With the Virtual Currency activity enabled you may provide virtual-currency services (exchange, wallets, OTC) provided AML/KYC procedures, monitoring and reporting are in place.

Do you open accounts/neo-banks and handle integrations?

We support onboarding to Crypto EMI/banks and integrations. The final decision is up to the provider; we prepare the compliance pack, flow descriptions and help pass due diligence.

How is an MSB different from PSP/EMI and a banking license?

MSB is a FINTRAC registration for money services (incl. virtual currency, FX, transfers). PSP is a separate regime supervised by the Bank of Canada. EMI and banking licenses have different rights and capital requirements — they are not the same as an MSB.

How do I verify an MSB in the FINTRAC registry?

Ask us for the MSB number and legal name. Then check the public FINTRAC registry and confirm the activity dealing in virtual currency is listed.

What documents are required from the buyer (KYC)?

Passport/ID, proof of address, beneficial-owner and source-of-funds information, and corporate documents. For legal entities: constitutional documents, ownership structure, shareholder register, etc.

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