Cryptocurrency exchange obtains a Canadian MSB license

ELI Canada

On June 30, 2023, in Santa Clara, California, YOMAEX, the leading global digital currency exchange, achieved a significant milestone by securing a Canadian MSB license as part of its strategic expansion into Canada. This achievement not only signifies a pivotal moment in YOMAEX’s presence within the worldwide digital acquisition trading landscape but also elevates the level of asset security offered to customers worldwide.

Perry Schmidt, Head of Marketing at YOMAEX, expressed the company’s excitement, stating, “This represents a major achievement in the global digital asset trading arena. The acquisition of the MSB license reinforces our technological prowess and committee to global expansion.”

YOMAEX, a platform focused on community-building and revenue-sharing, has rapidly garnered over 10 million registered members within just three years since its inception in 2020. This expansive reach spans across more than 100 countries and regions globally. Notably, YOMAEX’s in-house trading engine can efficiently process millions of trading orders per second, underscoring its technological capabilities.

Schmidt emphasized the company’s dedication to user asset security, saying, “YOMAEX has always prioritized ‘user asset security.’ We are steadfast in providing our users with comprehensive security measurements to assure a fast and secure trading experience on our platform.”

Canada’s robust and stable economy, coupled with its rigorous financial industry regulations, has made it an attractive destination for digital currency interchanges worldwide. The acquisition of the MSB license demonstrates YOMAEX’s compliance with international standards and its ability to deliver stable and secure services in the Canadian market.

Looking ahead, Perry Schmidt conveyed optimism about YOMAEX’s future prospects, stating, “We remain committed to optimizing our products and services, adhering to market regulations and user demands, and further exploring high-quality projects. Our goal is for more individuals to recognize and appreciate the value of blockchain and cryptocurrencies through the YOMAEX platform.”

The dynamic cryptocurrency exchange market offers ample opportunities and challenges. YOMAEX’s attainment of the Canadian MSB license signifies a significant step in its global journey. In this ever-evolving market landscape, YOMAEX remains dedicated to delivering safe and efficient digital currency trading favors to its users.

The cryptocurrency industry has witnessed rapid growth over the past decade, with digital currencies becoming an integral part of the global financial landscape. As the popularity of cryptocurrencies continues to surge, regulatory bodies around the world are adapting to this new digital frontier. In a significant development, a cryptocurrency exchange has recently acquired a Canadian Money Services Business (MSB) permit, marking a pivotal moment in the industry’s journey towards legitimacy and mainstream adoption.

The Road to Regulatory Compliance

Cryptocurrency exchanges have often found themselves in regulatory grey areas, facing challenges associated with anti-money laundering (AML) and know-your-customer (KYC) requirements. Many governments worldwide have been cautious about embracing digital currencies, primarily due to concerns related to illicit activities, tax evasion, and consumer protection.

To navigate these challenges, cryptocurrency exchanges have been working diligently to establish regulatory observation and earn the trust of both users and regulators. One such interchange has achieved a remarkable milestone by acquiring an MSB license in Canada, a country known for its proactive approach to cryptocurrency regulation.

The Canadian MSB License

A Money Services Business (MSB) license in Canada is granted by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). It is a significant step for any cryptocurrency exchange operating in the country, as it signifies compliance with strict AML and KYC regulations. Obtaining this license is not only a testament to a company’s commitment to transparency and security but also opens up new avenues for business expansion and partnerships.

Key Implications of the MSB License

  • Regulatory Compliance: Earning an MSB license requires cryptocurrency exchanges to adhere to rigorous compliance standards. This includes implementing robust AML and KYC procedures, reporting suspicious transmissions, and maintaining records of customer transactions. By meeting these requirements, exchanges can mitigate the risk of being used for illicit activities and demonstrate their commitment to a clean, regulated industry.
  • Enhanced Credibility: A cryptocurrency exchange with an MSB license gains credibility and trust among both users and institutional investors. This trust can encourage more users to join the platform and potentially attract partnerships with traditional financial institutions.
  • Market Expansion: With an MSB license in hand, cryptocurrency exchanges can explore new markets and offer their services to a broader audience. This expansion can lead to increased liquidity and trading volume, ultimately benefiting users.
  • Regulatory Cooperation: Regulatory bodies worldwide are increasingly recognizing the importance of international cooperation in overseeing the crypto space. By obtaining a Canadian MSB license, exchanges signal their willingness to work within a regulated framework, potentially opening doors for cooperation with regulators in other jurisdictions.
  • Legal Clarity: Obtaining an MSB license provides legal clarity to cryptocurrency exchanges, reducing the risk of regulatory actions or legal disputes. This clarity can make it easier for exchanges to operate and plan for the long term.


The cryptocurrency industry is at a pivotal moment in its evolution, with increasing regulatory scrutiny shaping its future. The recent achievement of obtaining a Canadian MSB license by a cryptocurrency exchange is a clear indication that the industry is moving towards greater legitimacy and mainstream acceptance.

This landmark development highlights the industry’s commitment to responsible, regulated operations and offers a glimpse into the potential for collaboration between cryptocurrency companies and traditional financial institutions. As cryptocurrency exchanges continue to work towards compliance with regulatory standards, they pave the way for a more secure and transparent digital financial ecosystem, ultimately benefiting users and the broader economy.

Contact Us

1055 West Georgia St. BC V6E 3P3