Canadian MSB?
In Canada, obtaining a money broker license is a crucial step for businesses looking to engage in financial services such as cryptocurrency transactions, remittances, card issuing, and forex exchange. This license is applicable to various entities, including startups and established companies aiming to broaden their banking capabilities. Many businesses begin their banking journey with a money broker license due to its potential for diversification and growth in the rapidly evolving financial landscape. The costs associated with starting this process can vary significantly, depending on the specific services offered and regulatory requirements, and there may be ongoing maintenance costs to consider. At 7baas, we specialize in guiding businesses through the licensing process, ensuring compliance, and providing tailored solutions to enhance your financial offerings.
This license is relevant for a wide range of entities, from startups to well-established firms seeking to expand their banking operations. Many companies find that starting with an MSB license is a strategic move, as it offers opportunities for diversification and growth within the rapidly changing financial sector. However, the costs involved in obtaining this license can vary considerably based on the specific services being offered and the regulatory demands, and businesses should also be prepared for ongoing maintenance costs associated with compliance and reporting.
We can assist you with purchasing an existing one, making a new one or selling existing, along with nested banking services, operating software, card issuing OTC desk, operating and many other services needed for your banking operation.
