Crypto Swap Limited FINTRAC MSB Registration ID: M19260937
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. Its mandate is to facilitate the detection, prevention, and deterrence of money laundering and the financing of terrorist activities while ensuring the protection of personal information under its control. Crypto Swap Limited is under the purview of FINTRAC and is a registerd agent of General Dynamicx Inc, a registered Money Services Business. Canadian law currently does not regulate the crypto exchange industry, however on June 1, 2020, And is able to provide the services here as a Registered Money Services Business.
You can read more about the responsibilities of FINTRAC Members and specifically Money services businesses (MSBs) at https://www.fintrac-canafe.gc.ca/msb-esm/intro-eng
The policy states the following:
Dealing in virtual currency (coming into force June 1st, 2020) — This includes both virtual currency exchange and virtual currency transfer services. Virtual currency exchange services include exchanging: 1 funds for virtual currency, 2 virtual currency for funds or, 3 virtual currency for another virtual currency. Virtual currency transfer services include: 1 transferring virtual currency at the request of a client or, 2 receiving a transfer of virtual currency for remittance to a beneficiary. FINTRAC is allowing Money Services Businesses (MSB) dealing in virtual currency to voluntarily register in advance of June 1st, 2020, when registration will be mandatory. Please note that if you are exclusively dealing in virtual currency,as of June 1st, 2020, you have obligations under the PCMLTFA and associated Regulations as an MSB. Details You are also considered a money services business if: 1 You hold a permit or licence related to any of the above-mentioned services. 2 You are registered as someone offering any of the above-mentioned services. 3 You advertise (by any means, including newspaper, television, Yellow Pages, internet, any other media, or by an interior or exterior sign) that you engage in any of the above-mentioned services. 4 You do not advertise any MSB services, but you: offer money transfer services in any amount;conduct foreign exchange transactions for more than $1,000 during a single transaction with the same individual or entity. For these purposes, a single transaction is defined as two or more transactions related to a foreign exchange transaction of less than $1,000 each that are made within 24 consecutive hours and that total $1,000 or more;issue or redeem money orders, traveller's cheques or other similar negotiable instruments for more than $1,000 during a single transaction with the same individual or entity. For these purposes, a single transaction is defined as two or more transactions related to the redemption of money orders, travellers' cheques or other similar negotiable instruments of less than $1,000 each that are made within 24 consecutive hours and that total $1,000 or more; You report the income of any of the above-mentioned services as income from a separate business for tax purposes.