Cryptocurrency license, Canada

CANADA:

MONEY SERVICE BUSINESS (MSB)

License type – Money Service Business (MSB)
MSB is a non-bank financial institution that allows you to carry out the following types of financial activities:

  •  Currency Exchange 
  • Money transfers – with or without opening a payment account
  •  Issuance or redemption of money orders, travelers checks, etc. (Including electronic money)
  •  Working with virtual currency (including transfers and exchange services)

REQUIREMENTS AND PROCESS

The process of creating a company and obtaining authorization from a regulatory body is organized completely remotely and includes the following steps:

    • Company registration in Canada (British Columbia, most suitable for non-residents)
    • Pre-registration with FINTRAC, including an interview with a FINTRAC representative
    • Registration in FINTRAC

      COMPANY ESTABLISHMENT – REQUIREMENTS

    • Company name – must contain at least two words, one of which must describe the main activity of the company, for example, “payments”, “money transfers”, etc. Abbreviations are not accepted.
    • Legal address – for companies controlled and owned by non-residents of Canada, the most convenient province to establish a company is British Columbia with an address located in Vancouver.
    • Capital – minimum capital not determined by the supervisor, but we recommend declaring at least USD 5, capital must be paid up after registration by the shareholder and proof must be provided for registration purposes.
    • Management – at the registration stage, at least one director must be appointed, an individual with experience in the financial sector, a person in charge of AML / CFT must be appointed at the stage of starting the company’s operations.
    • Ownership – at least one person (legal or private)
    • Taxation and financial reporting – financial and tax periods are the same and cannot exceed 53 weeks (371 days) from the date of registration, reports must be submitted no later than 6 months after the end of the reporting period, usually defined as 31.12. year. Basic corporate tax rate, including federal and provincial corporate tax – 38%
    • Compliance reporting – a company registered with FINTRAC must prepare reports on certain types of transactions in accordance with a developed internal compliance program, reports include information on suspicious transactions, wire transfers of funds reaching certain limits, large monetary transactions reaching certain limits, terrorist property

CONDITIONS AND CHARGES

Requirements:

    • Company registration – up to 4 weeks
    • Pre-registration with FINTRAC – up to 2 weeks
    • Registration in FINTRAC – up to 4 weeks

 

The offer includes the following services:

    • company establishment
    • registered address in Canada for 1 year
    • registration with FINTRAC until full authorization is received
    • development of a complete set of internal AML documentation (including written compliance policies and procedures, an ongoing compliance training program, risk assessment and appointment of a compliance officer)
    •  development of additional documents (Terms, Privacy Policy)
    •  consultations at all stages of the process before obtaining authorization

The total cost of the service with cryptocurrency is 80000 euros.

If you have any questions, please contact us by email contact@diamont.ee

Yours faithfully,
Maya R.
Head of Legal Development Department
diamont.ee

Diamont Consulting OÜ | Reg. number 14950521 | WISE | BE56 9671 0425 8188 | TRWIBEB1XXX

diamont.ee | contact@diamont.ee

 

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OUR TEAM

 
DMITRII BONDARENKO

DMITRII BONDARENKO
DIRECTOR OF COMPANY

MAIIA RIAZANOVA

MAIIA RIAZANOVA
DIRECTOR OF THE COMPANY'S LEGAL DEPARTMENT

IGOR SMIRNOV

IGOR SMIRNOV
LAWYER, AML COMPLIANCE, FINANCIAL LAW

Arnold Woicehovski

Arnold Woicehovski
LAWYER