RegAlertCanada: crypto & digital assets regulation
RegulatedSecurities regulation via provincial dealers; FINTRAC AML; OSFI banking rules
- Lead regulator
- Canadian Securities Administrators (CSA) / Provincial Securities Commissions
- Also involved
- FINTRAC (AML/CTF) · OSFI (Banking/Insurance capital) · Provincial regulators (Securities)
- Core law
- Securities Legislation (Provincial) · Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)
- Entry capital
- —
- Approval timeline
- —
- Customer assets
- Offline custody required for crypto investment funds
- Data protection
- PIPEDA · Provincial privacy laws
- Sandbox
- No
Crypto activities are primarily regulated under provincial securities laws, requiring registration as a dealer or marketplace. FINTRAC enforces AML/CTF registration for virtual currency exchanges. OSFI regulates crypto exposures for federally regulated financial institutions. Quebec has specific rules for crypto investment funds.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Exchange / trading platform | LicenceDealer or Marketplace registration[1] Must register unless immediate delivery exemption applies | — | — | Provincial Securities Commissions |
| Custody of client assets | LicenceDealer or Marketplace registration Control of assets triggers dealer registration | — | — | Provincial Securities Commissions |
| Token issuance / public offering | LicenceReporting Issuer status[2] Subject to prospectus requirements and disclosure rules | — | — | Provincial Securities Commissions |
| Broker-dealer / OTC desk | LicenceDealer registration[1] Categorization as Dealer under securities legislation | — | — | Provincial Securities Commissions |
| Stablecoin issuance | Restricted[3] Value-referenced assets allowed on registered platforms | — | — | Provincial Securities Commissions |
| Crypto payments acceptance | RegistrationMoney Services Business (MSB)[4][5] Registration required for virtual currency exchange services | — | — | FINTRAC |
| Mining / staking services | Uncertainverify with regulator No specific regime identified in source documents | — | — | — |
| Advisory / portfolio management | Uncertain[6] Investment fund rules apply to crypto funds | — | — | — |
New — what changed recently
- 2025-06-12Regulation 81-102 Amendments — Quebec amended regulations to define crypto assets and permit mutual fund investment with strict custody rules.[7][8]
- 2025-03-27Quebec Crypto Fund Framework — Formal framework established for public crypto asset investment funds in Quebec with offline custody mandates.[6]
- 2025-02-20OSFI Crypto Guidelines — OSFI issued guidelines for capital and liquidity treatment of crypto exposures for banks and insurers.[9][10]
Market-entry checklist
- 1Register with FINTRACRegister as a Money Services Business for AML/CTF compliance.
- 2Secure Provincial RegistrationRegister as a dealer or marketplace with relevant provincial securities commission.
- 3Implement Offline CustodyEnsure private cryptographic keys are held in offline storage for fund assets.
- 4Comply with OSFI GuidelinesApply simplified or comprehensive capital treatment if operating as a bank/insurer.
- 5Review Quebec Fund RulesAdhere to specific restrictions for crypto investments in Quebec mutual funds.
Sources
- Joint CSA/IIROC Staff Notice 21-329: Guidance for Crypto-Asset Trading Platforms Compliance with Regulatory Requirements · 2021-03-29
- CSA Staff Notice 51-363: Observations on Disclosure by Crypto Assets Reporting Issuers · 2021-03-11
- CSA Staff Notice 21-333: Crypto Asset Trading Platforms: Terms and Conditions for Trading Value-Referenced Crypto Assets with Clients · 2023-10-05
- FINTRAC imposes an administrative monetary penalty on Peken Global Limited (KuCoin) · 2025-09-25
- FINTRAC Imposes Administrative Monetary Penalty on Binance Holdings Limited · 2024-05-09
- Regulation to amend Regulation 81-102 respecting Investment Funds · 2025-03-27
- Changes to Policy Statement to Regulation 81-102 respecting Investment Funds · 2025-06-12
- Regulation to amend Regulation 81-102 respecting Investment Funds · 2025-06-12
- Capital and Liquidity Treatment of Crypto-asset Exposures (Banking) – Guideline · 2025-02-20
- Capital Treatment of Crypto-asset Exposures (Insurance) Guideline · 2025-02-20
This guide is compiled automatically from 10 primary-source documents published by Canada's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-10-01). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.