The banking system of the Canadian jurisdiction is positioned by the world states as one of the most reliable. The reason for this is the fact that Canada has successfully passed through the global crisis. Today, this jurisdiction can boast of a stable economy, which ranks ninth in the world and meets all the necessary requirements, in particular, the introduction of innovations, the use of the latest technological solutions, the protection of property rights, the elimination of corruption, etc. Banking institutions in Canadian jurisdiction are important figures in financial field. That is why, quite loyal requests have been set for organizations that intend to serve the population from the financial side. Thus, it is beneficial for both local entrepreneurs and foreigners. However, both must obtain an MSB license in Canada.
If we talk about the type of license permit, then in this case we are talking about Money Service Business (MSB). Such an institution is non-banking and, in its powers, concludes the right to carry out the following activities:
Working in the foreign exchange services industry presupposes your mandatory awareness of all responsibilities imposed on you, in particular with respect to reporting, documentation, knowledge of customer information, availability of a compliance program, etc.
You need an MSB license in Canada if your main activity is providing the range of the following services.
The exchange of digital money consists of the following operations:
Transfer of digital money as a tool for payments are as follows:
The new legal framework for the Canadian jurisdiction, which took effect in June 2020, has become the official guide for cryptocurrency exchanges as well as for payment operators.
Your business can also become a financial services establishment and receive an MSB license in Canada in the following cases:
Income received from such services is quoted as profit from a single business. This is done in order to meet the objectives of the taxation system. Considering the difficulties that you, as an entrepreneur wishing to open a company of this type, will have to face, it should be said that the acquisition of a ready company would be more expedient. Ready companies and investing their savings in them are just what everyone needs for a small permanent income. The only production today is capable of generating income, so a ready company and its acquisition will be the most profitable solution among all. Ready organizations are already registered and this makes it possible for organizations to start their activities quickly and without unnecessary bureaucratic delays.
Eternity Law offers many ready offers MSB in Canada for sale, the list of which is constantly updated and replenished with new ones. Our experts will accompany you at all stages of the deal and advise you on any issue.
If you are interested in a ready-made MSB in Canada, please see our offers below: