Crypto businesses register as MSBs
Dealing in virtual currency is one of the money services FINTRAC lists, so crypto exchanges and virtual currency dealers register with FINTRAC as money services businesses before they start. A crypto business outside Canada that directs and provides these services to people in Canada registers as a foreign MSB. The registration steps are the same as for any MSB.
Large virtual currency transaction reports
When you receive virtual currency worth $10,000 or more, in one transaction or several within 24 hours, you file a large virtual currency transaction report (LVCTR) within 5 working days after the day you receive it. Suspicious transaction reports apply too, with no minimum amount. See our FINTRAC reporting guide.
The travel rule for virtual currency
When you send a virtual currency transfer, you must include the requester's name, address and account or reference number, and the beneficiary's name, address and account or reference number. When you receive transfers, you must take reasonable measures to make sure that information is included. You can't strip received travel-rule information out of a transfer.
Record keeping
For virtual currency transfers of $1,000 or more, MSBs keep detailed records, including the date, the type and amount of virtual currency, client and beneficiary details, transaction hashes, sending and receiving addresses, and the exchange rates used. Records are generally kept for at least five years.
Provincial rules
FINTRAC registration is federal. Crypto trading platforms can also fall under provincial securities rules, and Quebec licenses money-services businesses, including some crypto activities, through Revenu Québec. We'll tell you when you need separate advice on those.
Your compliance program
A crypto MSB needs the same five-part compliance program as any MSB, written for crypto risks: wallet screening, blockchain analytics, travel rule handling and virtual currency reporting. Our 14-document program includes a Travel Rule Policy and Procedure.
Sources: FINTRAC, Money services businesses; Reporting large virtual currency transactions; Travel rule; Record keeping for MSBs; Revenu Québec, Money-services business licence. Checked 11 October 2026. General information, not legal advice.