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Main Aspects of MSB Licensing in Canadian Market

Obtaining an MSB permit in Canadian jurisdiction is an opportunity to provide its financial services in a state located in North America. In order to start operating in the Canadian financial market, you need to be aware of all the obligations that may be affected in the process of obtaining a financial license in Canada.

For your convenience and to significantly save time and financial resources, we advise you to pay attention to structures with MSB license for sale. A well-thought-out solution, combined with qualified advice and the help of specialists, will help the entrepreneur to integrate into the commercial environment as soon as possible and start generating profit from the very first deals.

Who Should Get a Canadian MSB License

Canada ranks first in the annual Forbes ranking. Unlike Europe and the USA, the banking system of this country survived the global crisis. The country with the ninth largest economy in the world turned out to be the only one that met all the requirements, such as property rights, technology, innovation, taxes, and levels of corruption, stock market conditions, bureaucracy, and investor protection.

Of course, financial segment is supported by work of banking establishments, financial facilities and payment systems. Instead of unattainable requirements, Canadian regulator has established quite clear rules and criteria for being able to work in financial sector and provide such services. One such option is the MSB license, which allows companies to target their services not only to Canadians, but also to clients around the globe. Obtaining a license to proffermonetary services in Canada will be a prerequisite if you are doing commercial activity in this jurisdiction and provide the following services:

  • cryptocurrency exchange;
  • transferring money from one person or entity to another using a network of electronic systems (such as Hawala, Hundi, Feich’ien and Chitti);
  • issuance of traveller’s checks (a payment document having the characteristics of a security) or similar receipts;
  • other services related to virtual currencies;
  • rent of ATMs or premises for them.

You are considered a financial services structure if:

  • you have permission or a license for any of the above services.
  • you are registered as a person offering any of the above services.
  • you advertise that you are participating in any of the aforementioned services, and certain others.

Benefits of Canada, Purposes and Key Powers of Licensees

Canadian banking space is positioned as one of most reliable in the world. Today, the country is characterized by a stable economy, which ranks 9th globally and meets global requirements, in particular, in terms of innovation, the use of advanced technological solutions, and standards aimed at protecting property rights.

If you are interested in obtaining a license in this jurisdiction for making money transfers, please note that the country has many other advantages, such as:

  • Political and social stability.
  • Strong geopolitical position with access to all US and Mexican markets.
  • High level of economic freedom.
  • Reliable financial system.
  • A business-friendly regulatory basis.
  • Transparent and open market.
  • Highly skilled workforce.
  • Low corporate tax regime.
  • Robust legal system and rule of law.
  • Low standard costs.

Determining whether an organization is an MSB can be challenging, especially in the case of Fintech companies. It is also important to consider the new amendments, which impose increased obligations on foreign money service organizations targeting individuals in Canada. Given magnitude of such changes, newly regulated entities will need to undertake a significant review of their compliance policies and procedures.

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