Both Canadian and Montana MSBs can offer cryptocurrency exchange services, money transmission (payment services), foreign exchange dealing (forex) and more.
Certainly! MSBs can act as Crypto Exchange internationally and across Europe. In the US are generally regulated specifically as Money Service Businesses under the US Bank Secrecy Act (BSA) and FINCEN supervision and in Canada regulated under FINTAC. Please also see www.paywithcrypto.tech for our turnkey white-label Crypto Banking and Crypto Processing Platforms, no license required!
The Canadian MSB are regulated by FINTRAC and Montana MSB is registered with FINCEN as Supervisory Authority for AML/CFT purposes. As a Regulated Provider, the MSB needs extensive AML/CFT compliance policies with regards to KYC, Suspicious Transaction Reporting, Risk Assessments etc. Our MSB Companies come complete with the required AML/CFT policies documentation.
No. FINTRAC dont have any renewal fees for Canadian MSB. Montana MSB has only for Registered Agent and Registered Office address. FINCEN is not charging annual license or registration fees.
No, a Canadian and Montana MSB can be formed with owners of any nationality and resident anywhere in the world.
No, Canada puts no restrictions on where you can offer services nor are you required to offer any services in/within Canada. However, if you would target other specific jurisdictions, e.g. other US states, you would likely trigger state license requirements there. See our MSB Resources section for more information.
Processing time for the formation of a new Canadian MSB with the name of your choice is 1-2 weeks. We also have existing off-the-shelf entities for sale from time to time. Deployment time for the PaywithCrypto White Label Banking Software is 1 week.
Yes, please visit our Resources section for links to the site where you can verify the FINTRAC and US FINCEN MSB registration status.