The main advantages of the Canadian crypto permit
Canada is a vast country in the top 7 most developed economies. A huge number of crypto enthusiasts live here, which helps this industry to develop actively. In addition, government agencies have created straightforward regulatory rules, which make it easy for crypto organizations to obtain Canada crypto exchange license. It makes it possible to work entirely legally and attract even more clients.
Benefits of this jurisdiction
Obtaining permission from this jurisdiction has a considerable number of advantages, and we want to list a few of the most important ones:
- Sustainable economy. Canada currently has one of the most resilient economies in the world. Thanks to this, your organization can work stably without fear of the global crisis and colossal inflation. It not only contributes to the development of different companies but also helps to plan and build development strategies for the future effectively.
- It is easier to find investors and clients. Canada is a respectable jurisdiction, so companies that obtain work permits can easily find investors and new clients.
- Simple regulation of the crypto industry. A legislative framework has been created to regulate the crypto industry, which will not be difficult to understand.
- Low requirements for applicants. To obtain a work permit, you must have a sound business plan and comply with AML/KYC requirements.
- Suitable for all crypto projects. At present, almost all crypto projects can obtain a work permit here, but there will be different requirements for different organizations.
Companies planning to work in Canada (MSB) and foreign organizations targeting other markets (FMSB) can obtain a work permit here. It is worth saying that FMSB and MSB have different regulatory rules and requirements for getting a permit. MSBs must be physically located in the country and have local staff, while FMSBs are not subject to these requirements.
Whether you are an MSB or an FMSB, the process for obtaining a license is the same. You need to go through several basic steps:
- Collection of documents. It would be best if you cooperated with lawyers who will determine the complete list of required papers, help you obtain them and check the correctness of filling.
- Registration of a company in this jurisdiction. This process takes 2 to 4 weeks, and you need to choose a company name, rent an office, and submit documents to the relevant government authorities.
- They are opening a bank account. Not all banks are ready to cooperate with crypto companies, so opening an account is not difficult. Lawyers will help you identify several banks prepared to cooperate and suggest how to ensure your business will be successful and long-term.
- Preliminary work and obtaining a license. You can start your company’s work and submit documents to regulatory authorities.
In general, if you create a company in advance, considering government regulators’ requirements and finding highly qualified specialists, obtaining a permit will take approximately 16 weeks (4 months). At the same time, if you are a foreigner, you must visit this country several times. If regulators have questions or concerns about your company, they may send you a formal request for clarification. In this case, obtaining a permit will be much longer.
As already mentioned, one of the advantages of this jurisdiction is the low requirements for applicants. In order not to be unfounded, we decided to list them so that you can make sure that it will not be difficult for you to comply with them:
- Open an office in this jurisdiction;
- Obtain registration form that jurisdiction;
- Compliance with AML/KYC policy;
- All team members must have an excellent reputation, relevant work experience, and higher education;
- There must be a staff member whose job it is to ensure that your employees and customers do not use your company for money laundering and fraud;
- If you find unusual activity on the part of customers, you must report it to the regulatory authorities.
If you are still determining if your company meets all the requirements, you can contact Gofaizen&Sherle specialists. They will carefully study your company’s activities and make recommendations on what needs to be changed so that your company better meets the requirements of government authorities. They have extensive experience in this industry, so they are well aware of the legislation in this country and have already helped dozens of companies obtain work permits here. If you want to reduce the risk of rejection and strive to get a resolution as quickly as possible, you should cooperate with professionals.