Obtaining a crypto license in Canada

Obtaining a cryptocurrency license in Canada

Business owners seek to capture new markets and choose countries that offer more convenience and benefits. Among the most important factors in choosing a jurisdiction are loyal tax laws, a stable political situation, an unhindered process for obtaining a license, as well as the country's permission to advertise cryptocurrencies.

More and more entrepreneurs decide to build a business in another state in order to be insured against economic risks and a sharp decrease in profits in unstable situations. This option has many advantages and, at the same time, is not without difficulties. Founders face licensing issues, finding working marketing methods, and other challenges. At least one problem — obtaining a cryptocurrency license and communication with regulators — the Exsoft team can remove from your shoulders.

By registering a company in an offshore country, it becomes possible to buy advertising at a reduced price and thereby increase profitability. It is impossible not to mention the problem of corruption, due to which entrepreneurs cannot develop business in their country.

Obtaining a license in another country will be the most beneficial for companies that want to sell their services around the world, diversify assets and risks as much as possible, and optimize tax expenses. In addition, this will be the only solution if it is forbidden to do business in certain industries in the resident's country.

Offshore licenses will be required for activities such as exchanging cryptocurrencies, processing crypto transactions, or producing software.

There was no regulation for companies related to cryptocurrencies in Canada until 2018. The adoption of several regulations has greatly facilitated the task for large and small players: now working with cryptocurrency and digital assets is considered a financial service. The process of obtaining a cryptocurrency license in the country does not depend on the province, and the permit is valid for two years. Before the expiration date, the regulator sends an official reminder letter, after which the founder must independently renew the license within 30 days. Cryptocurrency exchangers in Canada are required to comply with AML/KYC policies and meet the criteria of banking institutions. The top officials of the company, who were previously noticed in money laundering, terrorist financing or other illegal operations, will not be able to obtain such a permit.

A limited liability company is the most common option for registering cryptocurrency exchanges. Canadian tax residents are allowed to operate within the EU.

What do you need to get a license for a cryptocurrency exchanger?

First of all, you need to choose a country in which you are guaranteed to be able to advertise your services and where they will be most in demand. Canada, Cyprus, Lithuania or Poland are among the countries with the most comfortable legislation and taxation for cryptocurrency companies. It is necessary to study in detail the requirements of the country and the possible risks, which is quite difficult to do on your own, so we offer you our professional assistance. The Exsoft team provides full support at all stages of business registration, including the resolution of non-standard situations.

This is followed by several more stages in which we will also accompany you:

• choosing a legal name, in accordance with the laws of Canada;
• office rent;
• cooperation with a qualified agent;
• collection of documents necessary for the establishment of a company;
• sending documents to the registration authority;
• establishing business processes, including the choice of payment systems and financial audit;
• registration of a bank account in case of its absence.

We recommend that you carefully analyze the offers of banks for opening an account, then pay all mandatory payments and fees. The actual licensing process takes several weeks.

• correct filling of information in the state register;
• obtaining the necessary licenses and permits;
• anonymization of data about the owner;
• creation of a legal address;
• selection of professionals with appropriate qualifications;
• maintaining accounting documentation;
• opening a bank account.

Other services from Exsoft:

• Ready-made software for launching a cryptocurrency exchange. Create a business without your own programming team in a matter of weeks
• Software development. A full cycle of creating an exchange website from scratch, including the stages of design, development, marketing and technical support
• Software rental. Transfer of software for use on a monthly basis, including access to the API and integration of payment systems

Learn more about our services and prices here.

To discuss the licensing service or ask any question, leave your request via feedback form.