Canada is a country with a relatively developed legal system. Many believe that the level of taxes here is high, but the fines for illegal work are many times higher. That is why many entrepreneurs prefer to work within the law. Obtaining MSB license in Canada with our company https://gofaizen-sherle.com/crypto-license/msb-in-canada won't take long. A team of professionals works here to help you with collecting documents and preparing your company to meet all requirements. It will allow you to avoid mistakes, which means getting permission faster and cheaper.
Why is it worth obtaining a license?
Companies should get MSB permission if they provide financial services. In Canada, the government is actively fighting money laundering and economic terrorism. All companies that operate unofficially can get in trouble with the law. It is the main reason why it is worth getting permission.
If businessmen start their work without a license, you should be prepared that you will have to pay a fine, and your company may be completely closed.
In addition, clients prefer to work only with licensed companies, so they do not doubt that they are not scammers. So, even though the cost of obtaining a work permit is relatively high, it will quickly pay off, as it will be easier for you to attract customers.
Thus, if you want to work as freely as possible, are not afraid of problems with the law, and be able to place your ads on various sites, attract new customers and increase your income, you need to get a special permit.
It is worth saying that the conditions for obtaining a license are as simple as possible in Canada. There are no special requirements that are difficult to meet, and you can get the permit itself within a short period. It would be best if you also were prepared for the fact that you will have to submit information about transactions or customers to regulators to avoid losing your license.
Who has to get a license?
Not all private entrepreneurs need to get an MSB license. It applies only to non-banking institutions that provide such services:
- Exchange of currency;
- Execution of transactions, including international ones;
- Check to cash;
- Operations with virtual currency and more.
Before businessmen get a license, they have to register the company and collect several documents officially.
As you can see, most exchangers and wallets fall under this license, including those that are part of the crypto industry.
It is worth saying that in 2020 the government of Canada legalized the use of cryptocurrencies, and today operations with this asset also fall under the law on money laundering and the prevention of financial terrorism. Crypto exchanges qualify as financial service providers, so they must obtain this type of permit.
Conclusion
To open a crypto business in Canada, you must obtain a special permit. It is much easier to do this here than in other countries. To do everything as quickly and efficiently as possible, you should seek help from a specialized agency. This will avoid possible problems with authorities.
