MSB registration in Canada (FINTRAC)

In short:

• Who registers: businesses that deal in virtual currencies, transfer funds, exchange currency or provide other listed money services to clients in Canada.
• Foreign companies: register as a foreign MSB and name a representative for service who lives in Canada.
• Fee: FINTRAC does not charge registration fees.
• Timeline: within three months from a complete application package; complex files may take longer.
• Validity: two years, renewed before expiry; changes reported within 30 days.

Who must register as an MSB or foreign MSB

A money services business is a person or entity with a place of business in Canada that provides at least one of these services: foreign exchange dealing; remitting or transmitting funds by any means; issuing or redeeming money orders, traveller's cheques or similar negotiable instruments; dealing in virtual currencies; crowdfunding platform services; armoured cars; cheque cashing; acquirer services for private automated banking machines.

A foreign money services business has no place of business in Canada, directs at least one of these services at persons or entities in Canada and provides it to clients in Canada. It registers with FINTRAC in the same way. An overview of all Canadian regimes for crypto, including the Québec licence and securities law, is on the page crypto licensing in Canada.

Registration steps

1. Pre-registration form. A FINTRAC compliance officer contacts you and provides the registration form.
2. Registration form and documents. Complete the form and gather the information and documents listed below.
3. Submission. Upload the package through the link from FINTRAC's Secure Document Transfer System or a Canada Post Connect message; the link expires within 15 days.
4. Review. FINTRAC sends an approval notice with a registration number, a clarification request (30 days to answer) or the reasons for denial. Incomplete applications are closed.
5. Registry. Approved registrations are partly displayed on the public Money Services Business Registry.

What we need from you

• incorporation details (or partnership agreement or articles of association), and a document showing ownership, control and structure;
• owners and senior management, the compliance officer and the number of employees;
• bank account information and detailed location information;
• estimated annual transaction totals for each service;
• agents or mandataries, if any; for a foreign MSB, the representative for service in Canada;
• criminal record checks for the CEO, president, directors and each person owning or controlling 20% or more, issued no more than six months before filing in the country where the person lives, with certified translations if not in English or French.

How long it takes and what it costs

FINTRAC processes an application within three months from the receipt of a complete package, and more complex applications may take longer. FINTRAC does not charge registration fees. Our consultation costs €100 for 30 minutes, a written review starts at €200, and the registration project is quoted in writing after the review.

After registration

The registration is valid for two years and must be renewed before it expires. Changes to the registered information are reported within 30 days. A crypto business also files large virtual currency transaction reports: $10,000 or more received in virtual currency in one transaction, or in linked amounts within 24 hours, is reported within five working days. In Québec, money services businesses also need a licence from Revenu Québec. The compliance program behind these reports is our AML/KYC service for Canada.

How Blocons works on an MSB registration

1. Business model review at a consultation (30 min — €100; written — from €200): MSB or foreign MSB, which services you register, whether Québec or securities law applies.
2. The document pack: corporate and ownership papers, criminal record checks and certified translations, the compliance officer and the AML program.
3. Pre-registration, filing and answers to FINTRAC's clarification requests until the registration number.
4. After registration: renewals every two years, change notices within 30 days and reporting.

• FINTRAC and provinces in one file. We prepare the FINTRAC registration together with the provincial requirements that apply to your model, so the business starts with one coherent file.
• We take on regulators and banks. Information requests, remarks, bank refusals, delays: we respond, revise, resubmit or appeal at no extra charge until the matter is closed.
• A senior specialist on every file. An experienced specialist leads your project personally, and the same people stay on it even when the review takes months.
• Your project stays yours. Information about founders, beneficial owners, wallets and deals reaches neither competitors nor third parties. We disclose only what the law or the procedure requires, and the contract says so.

FAQ

Do crypto companies need MSB registration in Canada?

Yes, dealing in virtual currencies is one of the money services that FINTRAC lists. A crypto business with a place of business in Canada registers as an MSB; a business abroad registers as a foreign MSB when it directs its services at persons in Canada and provides them to clients in Canada.

Can a foreign company register as an MSB in Canada?

Yes, as a foreign money services business. It gives FINTRAC the same information as a Canadian MSB and names a representative for service who lives in Canada and can accept FINTRAC notices. A change of that representative must be reported within 30 days, otherwise the registration is revoked or denied.

How long does MSB registration take?

FINTRAC processes an application within three months from the receipt of a complete package, and more complex applications may take longer. A clarification request gives you 30 days to answer. Incomplete applications are closed and filed again, so a full first package is the fastest route.

How much does MSB registration cost?

FINTRAC does not charge registration fees. The cost is in preparing the file: corporate documents, criminal record checks and certified translations, the AML compliance program. Our review costs €100 for a 30-minute consultation or from €200 in writing; the registration project is quoted in writing after it.

Who needs a criminal record check?

The CEO, the president, the directors and every person who owns or controls, directly or indirectly, 20% or more of the business; a sole proprietor provides their own. Checks come from the country where the person lives, are issued no more than six months before filing, and need a certified translation if not in English or French.

How long is an MSB registration valid?

Two years. The registration must be renewed before its expiry date, and any change to the registered information, such as an address or a contact, is reported to FINTRAC within 30 days. Approved registrations appear, in part, on FINTRAC's public Money Services Business Registry.

Related pages

• Crypto licensing in Canada
• Crypto licences by country
• AML/KYC compliance program for Canada
• US money transmitter licence (MTL)

Sources

• FINTRAC, money services businesses (modified 1 October 2025)
• FINTRAC, register your MSB or foreign MSB (modified 27 August 2026)
• FINTRAC, renew, update or cease your registration (modified 27 August 2026)
• FINTRAC, large virtual currency transaction reports
• Revenu Québec, money-services business licence

Facts checked against the sources above on 30 October 2026. This page is general information about the regulatory framework; requirements for a specific business depend on its model.