Navigating the Legal Landscape of Cryptocurrency in Canada

By  //  March 22, 2024

If you are going to enter the crypto market in Canada, you should know what rights and responsibilities you have.

The financial sector is monitored quite carefully, and violation of legal norms may lead to restrictions on obtaining a crypto license in the future. Therefore, make sure that you are well aware of all the legal regulations that apply to the crypto market.

Legal Status of Crypto Business in Canada

Is cryptocurrency legal in Canada? Just 6 years ago, this question did not have a clear answer, since the crypto market in this country was not regulated. However, since 2018, several legal acts have been adopted with the aim of establishing state control over this area of finance. Therefore, if you are thinking about running a cryptocurrency business in Canada, you will need a special license. It must be renewed every two years, and if documents are not submitted within the required period, the license is canceled after 30 days.

In What Cases May You Need a Crypto License?

Canada crypto regulation provides that this area has the same rules of accountability and verification as with fiat currencies. Therefore, you will need a Money Service Business (MSB) license and registration with FinTRAC (Canadian Financial Transactions and Reports Analysis Center). Having received the necessary permission to conduct a crypto business, you will be able to carry out the following activities:

  • Offering cryptocurrency payment services;
  • Creating cryptocurrency exchange platforms;
  • Offering crypto-to-crypto or crypto-to-fiat exchange services;
  • Mining and cryptocurrency trading.

If you want to run a crypto business in Canada, you need to legalize your activities from the very beginning. With the help of professionals from Fintech Harbor company, you will do this quickly and at minimal cost. Working in this field of jurisprudence for a long time, the company’s specialists will take you to the Canadian crypto market by the shortest path. Thanks to this, you will be able to grow your business confidently and quickly.