Americas & Caribbean · CA
Canada
A federal-provincial system: federal AML registration for money services businesses, with gaming and securities regulated at provincial level.
Overview
The framework
Money services businesses, including those dealing in virtual currency, register with FINTRAC under federal AML legislation. Foreign businesses directing such services at persons in Canada are also generally required to register.
Securities regulation, including of crypto trading platforms, sits with provincial regulators coordinated through the Canadian Securities Administrators. Gaming is provincial: Ontario, for example, operates a regulated market for private igaming operators through the AGCO and iGaming Ontario.
Authorities
Who regulates what
- FINTRAC
- Federal AML/CFT registration and supervision of MSBs.
- Provincial securities regulators
- Securities and crypto trading platform oversight.
- AGCO / iGaming Ontario
- Registration and operating agreements for igaming in Ontario.
Regimes
Licensing routes
MSB / FMSB registration
For money transfer, foreign exchange and virtual currency dealing.
Sectors: Payments · Crypto
Crypto trading platform registration
Provincial securities registration for platforms trading crypto contracts.
Sectors: Crypto
Ontario igaming registration
Operator registration and operating agreement for the Ontario market.
Sectors: Gaming
Applications and regulator engagement for these routes are handled by our Regulatory & Licensing practice.
Considerations
What to weigh up
- MSB registration is an AML registration, not a full licence.
- Provincial requirements must be mapped separately.
This overview is general information, summarised at a high level. Requirements change and depend on the specific activity; seek advice on your circumstances before acting.
Industries
Relevant industries
- iGaming & GamingB2C operators, B2B suppliers, platforms, aggregators and affiliates.
- Fintech & PaymentsPayment and e-money institutions, PSPs and acquirers, payment facilitators and embedded finance.
- Crypto & Digital AssetsCASPs and VASPs, exchanges, custodians, wallets, token projects and crypto payments.
Across jurisdictions
Cross-jurisdiction capabilities
Services we support across the jurisdictions in our directory, described once on their own pages. How each is delivered depends on the local requirements that apply; where local qualification is required, we coordinate locally qualified counsel.
- Privacy & Data ProtectionPrivacy compliance and GDPR programmes, notices and DPAs, DPIAs, data mapping and ROPA, transfers, audits and breach response.
- AML & Financial Crime ComplianceAML/CFT programmes, MLRO-as-a-Service, independent AML/CFT audits, risk assessments, monitoring, sanctions and inspection support.
- IP Registration & ProtectionTrademark and patent registration and protection, copyright protection, domain name disputes, portfolio support and IP agreements.
- Legal OpinionsRegulatory, business model, perimeter, payment, gaming, crypto-asset and cross-border opinions for banks, partners and investors.
- Bank Account OpeningSupport with corporate and operational accounts at banks and EMIs, prepared for how their compliance teams assess high-risk businesses.
- Merchant Account / Acquiring SetupSupport with merchant account applications and acquiring setup at acquirers and PSPs, including for high-risk merchant categories.
Support
How we support businesses in Canada
- Regulatory & Licensing01Strategy, applications and regulator engagement for the gaming, payments and crypto routes listed above.
- Corporate Structuring02Group architecture, incorporation, substance and governance built around your licences, banking and investors.
- Market Entry & Regulatory Strategy10Market prioritisation, regulatory roadmaps and launch readiness for businesses expanding into new jurisdictions.
Discuss your matter with a senior advisor.
Share a few details about your business and plans. We will come back to arrange a confidential initial conversation.