Crypto licensing in Canada: FINTRAC MSB registration
Crypto business in Canada: FINTRAC MSB registration (no fee, about 3 months, valid 2 years), foreign MSB, Québec licence, AML/KYC, smart contracts.
Short answer · FINTRAC, checked 30 October 2026
A company that deals in virtual currencies, transfers funds or exchanges currency for clients in Canada registers with FINTRAC as a money services business (MSB); a company without a place of business in Canada registers as a foreign MSB. FINTRAC charges no fee, processes a complete application within three months, and a registration is valid for two years.
Plan your Canadian registration. In a 30-minute consultation (€100) we check whether you are an MSB or a foreign MSB, whether Québec applies, and which documents FINTRAC will ask for.
Our services in Canada
Which regime applies to a crypto business in Canada
| Your situation | What you need | Regulator |
|---|---|---|
| Place of business in Canada; dealing in virtual currencies, remitting or transmitting funds, foreign exchange | MSB registration, renewed every two years | FINTRAC |
| No place of business in Canada; services directed at and provided to clients in Canada | Foreign MSB registration with a representative for service who lives in Canada | FINTRAC |
| Money services offered in Québec | Money-services business licence | Revenu Québec |
| Platform that trades crypto assets with clients | Securities law registration, see CSA Staff Notice 21-329 | Provincial securities regulators |
Sources: FINTRAC, money services businesses (modified 1 October 2025); Revenu Québec, money-services business licence; CSA Staff Notice 21-329.
Who must register with FINTRAC
FINTRAC lists eight money services that require registration: foreign exchange dealing; remitting or transmitting funds by any means; issuing or redeeming money orders, traveller's cheques and similar instruments; dealing in virtual currencies; crowdfunding platform services; armoured cars; cheque cashing; acquirer services for private automated banking machines. A business with a place of business in Canada registers as an MSB. A business without one registers as a foreign MSB if it directs at least one of these services at persons in Canada and provides it to clients in Canada.
The full procedure, the list of documents and what happens after approval are on the page MSB registration in Canada (FINTRAC).
How long it takes and what it costs
FINTRAC processes an application within three months from the receipt of a complete package; more complex applications may take longer. FINTRAC does not charge registration fees. The registration is valid for two years and must be renewed before it expires, and changes to the registered information are reported within 30 days.
What changes after registration
A registered business reports to FINTRAC. For crypto the most visible duty is the large virtual currency transaction report: virtual currency equivalent to $10,000 or more received in one transaction, or in several linked amounts within 24 hours, is reported within five working days. Our AML/KYC compliance program for Canada covers these reports, client identification and record keeping.
FAQ
Does a crypto company need MSB registration in Canada?
Yes, if it deals in virtual currencies, transfers funds or exchanges currency for clients in Canada. With a place of business in Canada it registers as a money services business (MSB); without one, as a foreign MSB when its services are directed at and provided to clients in Canada. Both registrations are filed with FINTRAC.
How long does FINTRAC registration take?
FINTRAC states that it processes an application within three months from the receipt of a complete package, and that more complex applications may take longer. An incomplete application is closed and has to be filed again, so the timeline depends mostly on the completeness of the first submission.
How much does MSB registration in Canada cost?
FINTRAC does not charge registration fees. The costs are the work behind the file: corporate documents, criminal record checks with certified translations, the compliance program and its policies. Our review of your model costs €100 for 30 minutes, and we quote the registration project in writing after it.
Does Québec require a separate licence?
Yes. Money services businesses that operate in Québec also apply for a money-services business licence from Revenu Québec under the province's Money-Services Businesses Act. This licence comes on top of the federal FINTRAC registration, and we check it at the start of every Canadian project.
Is MSB registration enough for a crypto trading platform?
It covers the anti-money laundering side. A platform that trades crypto assets with clients may also fall under provincial securities law: CSA Staff Notice 21-329 explains how securities regulators apply registration requirements to crypto-asset trading platforms. We map both layers before filing.
Other markets
- Crypto licences by country
- US money transmitter licence (MTL)
- MiCA CASP licence in the EU
- Crypto licence in Singapore (MAS)
Facts checked against FINTRAC pages on 30 October 2026: registration requirements (modified 27 August 2026), renewals and changes, large virtual currency transaction reports. This page is general information; requirements for a specific business depend on its model.
Ready to register? Send a short description of your services and where your clients are. We reply with the regime, the documents and the next step.