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Requirements for MSB license in Canadian jurisdiction

Aug 27, 2021

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Getting an MSB license in Canada has several specific features that distinguish it from licensing in other countries. The main difference is that the person/company undertakes to comply not only with state regulator demands, but take into account the peculiarities of the legislation. In order to avoid unnecessary costs and difficulties that can confuse you, contact ELI Deal specialists. Our team works in the business selling, licensing and consulting industry, and has a wealth of knowledge and experience to help you with even the most difficult issue.



Banking Law sets out permitted commercial activities, corporate governance and prohibitions on participation in certain investments or activities for financial institutions. Regulations under this act also contain detailed points as for consumer protection, including ones for customers’ interest rates disclosure, account charges and customer consent to receive data electronically.

What information needs to be provided to the regulator?


Canadian jurisdiction Treasury has published amendments for such organizations. They will have to send data about clients’ transactions with cryptocurrencies to government authorities. Moreover, such organizations must apply for registration.

Taking into account specifics of MSB licensing in Canada, you must provide such information:

  • organization name, its registration address;

  • actual legal proceedings information (if any) concerns founder (s);

  • financial services list a firm plans to provide after obtaining a license;

  • data about the employees of the company who will be involved in the process of carrying out operations;

  • an example of the form of a contract that will be concluded with clients, etc.


MSB status and corresponding permit are a prerequisite for exchangers providing payment services in Canada. It should be understood that in this case, not only a cryptoexchange, but also other persons wishing to provide similar services could act as an exchanger. Considering a number of innovations, this sphere will become more controlled, and the licensing process will become a rather difficult task.

To get MSB license in Canada on the most favorable terms, a thorough analysis and understanding of the specifics of the legislation is required. In case of violation or non-compliance with the established norms, you may be refused a license or even impose sanctions. It is not an easy task. In case of violation established norms, you may be refused a permission or even impose sanctions. That is why we recommend that you seek help from professional lawyers who will not only save you time, but also significantly reduce all kinds of risks.

Such a procedure is a rather complicated issue and fraught with many different subtleties. ELI Deal specialists are ready to assist you in purchasing a ready license and accompany you at all deal stages. Our company has extensive experience in businesses sale, licenses registration and provision of consulting services in this industry.

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