BLG’s client wanted to enter the Canadian market as a regulated MSB — offering crypto exchange, crypto transfer, and fiat currency exchange and storage services. Building from scratch would have taken six months or more. The client needed a faster route to market that still met FINTRAC’s full regulatory expectations, with no gaps in AML governance or corporate structure.
CS — 010 · Crypto · MSB
Vietnam law firm — Canada FINTRAC
Vietnam law firm — Canada FINTRAC
FINTRAC MSB registration approved in 3 months. Full AML/KYC framework live. Crypto exchange & fiat transfer services operational across Canada.
Case Overview
Challenge
BLG's client wanted to enter the Canadian market as a regulated MSB — offering crypto exchange, crypto transfer, and fiat currency exchange and storage services. Building from scratch would have taken six months or more. The client needed a faster route to market that still met FINTRAC's full regulatory expectations, with no gaps in AML governance or corporate structure.
Approach
GSS Legal sourced and structured the acquisition of an existing shelf MSB in Canada — already registered, significantly compressing the timeline. We transferred shares to the client, managed the name change and full corporate documentation repack, filed the FINTRAC registration, developed a bespoke AML/KYC policy, and headhunted a qualified local AML Officer to serve as MLRO and primary FINTRAC contact. Banking and payment institution advisory ran in parallel, with GSS Legal supporting the corporate account opening end to end.
Outcome
Within 3 months, the client was fully operational as a FINTRAC-registered Canadian MSB — authorised to provide cryptocurrency exchange and transfer services, and fiat currency exchange and storage, across Canada and internationally. Ongoing FINTRAC communications and AML/CTF compliance are managed by GSS Legal under a continuing advisory retainer.
Key Deliverables
Shelf MSB company acquisition
Share transfer & corporate repack
Company name change
FINTRAC MSB registration
Bespoke AML/KYC policy
MLRO headhunting & appointment
Banking & payment institution advisory
Corporate account opening support
Ongoing FINTRAC compliance retainer
Milestones
01 / 04
Shelf MSB acquired u00b7 shares transferred
Weeks 1u20132
02 / 04
FINTRAC registration submitted
Weeks 3u20134
03 / 04
AML/KYC policy & MLRO in place
Weeks 5u20138
04 / 04
Banking operational u00b7 FINTRAC approved
Week 12
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