FINTRAC MSB registration for virtual currency dealers in Canada
Businesses dealing in virtual currencies in Canada, including foreign firms that direct and provide services to Canadians, must register with FINTRAC as a money services business before operating. Registration is an AML registration, not a licence to run a trading platform. Since 26 March 2026 FINTRAC can impose much higher administrative monetary penalties.
Facts under review · last checked 2026-10-08 · confirm figures with the regulator before relying on them
Regulator · Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) ↗
Key facts
- Who must register
- MSBs and foreign MSBs dealing in virtual currencies, including foreign firms directing and providing services to persons in Canadaas of 2026-10-08Source ↗
- Registration fee
- None: FINTRAC does not charge registration feesas of 2026-10-08Source ↗
- Provincial licensing
- Provincial or territorial MSB registration does not replace FINTRAC registrationas of 2026-10-08Source ↗
- Penalty framework
- Bill C-12 amendments in force 26 March 2026; maximum administrative monetary penalties up to 40 times previous limitsas of 2026-10-08Source ↗
Realistic timeline
Who does what, and how long each phase usually takes once work starts. The regulator’s share is outside anyone’s control.
- HartsizScoping and service mapping1–2 weeks
- YouCompliance programme, policies and registration data2–6 weeksHartsiz drafts the programme; the client supplies people, data and decisions
- RegulatorFINTRAC registration review2–12 weeksOutside our control; FINTRAC may ask for more information
Estimated end to end: 5–20 weeks. Not a guarantee.
What the regulator expects to see
- Compliance programme with a named compliance officer
- Know-your-client, record-keeping and reporting to FINTRAC
- Registration details kept up to date and renewed as required
Questions we get
We are based outside Canada. Do we need to register?
Yes, if you direct virtual currency services at people in Canada and provide services to them. FINTRAC treats you as a foreign money services business that must register before operating.
Is FINTRAC registration enough to run a crypto trading platform for Canadians?
Not always. Platforms may also fall under provincial securities law, which is a separate process from FINTRAC. We check this as part of scoping.
Changes affecting this route
- Canada · Crypto, Fintech & Crypto · high impact
Canada raises FINTRAC penalties under Bill C-12
The Strengthening Canada's Immigration System and Borders Act (Bill C-12) received royal assent and amended the PCMLTFA penalty regime. The maximum penalty for a prescribed violation is now C$20 million for an entity, and FINTRAC says the new framework applies to violations occurring after 26 March 2026. MSBs, including virtual currency dealers, should re-test their compliance programmes against this exposure.
Source ↗