Application process and requirements for MSB Cryptocurrency Exchange License in Canada

Canadian MSB regulation is the currency trading and currency exchange services type of enterprises, must apply to the central bank and record supervision, this type of company must also be directly under the Financial Transactions and Reporting Analysis Centre of Canada (FINTRAC) real-time monitoring data, and is responsible for the parliamentary activity centre, in order to ensure national financial security.

During FINTRAC supervision, it is important to demonstrate that the required documentation is in place and that employees, agents, and all others authorized to act on your behalf are well trained and able to effectively execute all elements of the compliance program. Senior officials must approve the compliance program and the compliance officer must have the necessary authority to enforce the requirements of the compliance program.

You must: appoint a Compliance officer who is responsible for implementing and monitoring the compliance program; Develop and apply up-to-date written compliance policies and procedures, approved by senior officials; Apply and document risk assessments, including mitigation measures and strategies; Develop and maintain written training plans for employees, agents, and others authorized to act on your behalf; Review your compliance program (policies and procedures, risk assessments, and training programs) once a year to test its effectiveness.

As a money exchange service, you are required to verify the identity of customers for certain activities and transactions in accordance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR).

Requirements and Conditions for Canadian MSB Licence:

1. There must be a company incorporated in Canada.

2. Have appropriate business structure, good internal control system, and company personnel with certain qualifications and experience in the digital currency industry.

3. Have the required and compliant anti-money laundering report.

4. Comply with Canadian laws and regulations and business rules.

Canada Money Financial Services Corporation business scope

A. Foreign exchange dealing

Foreign exchange transaction

B. Cashing or selling money orders

Cash or sell a bill of exchange

C.Money transferring

Money transfer, international remittance business, layout of blockchain digital assets

The information required for a Canadian MSB exchange license is:

1. Canadian company registration Certificate;

2. Canadian company registration tax number;

3. Scanned copy of the company director's passport;

4. Scanned copy of the address certificate of the company director;

5. The company's business plan;

6. Resumes of company directors.

Canadian MSB Exchange license application work:

1. Financial business scheme design for MSB license

2. Prepare and write application materials

3. Submit an application for an MSB license to Finance Canada

4. Answer questions from Finance Canada and FINTRAC during the application process

5. If Finance Canada and FINTRAC require us to provide additional copy or related instructions, we will be responsible for the preparation and business plan

What are the advantages of the Canadian MSB license:

1. A symbol of strength - obtaining a Canadian regulatory license can greatly enhance the strength of the platform and the confidence of customers.

2, risk avoidance - with the authoritative approval of the financial regulator, you can carry out relevant business in Canada, that is, on behalf of the compliance supervision of the digital currency platform, to avoid trading risks.

3, diversified services - Canada's MSB license allows ICO trading and contract futures, OTC fiat currency business, so that you can better meet customer needs, provide more diversified services.

4, Superior market conditions - Canada in education, government transparency, social freedom, quality of life and economic freedom are among the top international rankings, Canada itself is an ideal registration for the development of economic projects.