GenioPay got a Canadian MSB license

ELI Canada

GenioPay, a worldwide transfer network, has expanded its services to millions of consumers after receiving a Canada MSB License (Money Services Business). Being licensed enables an organization’s capacity and dedication to build a secured environment to battle criminal elements, safeguard users, and deliver excellent service to customers, which is leading in the market.

What is an MSB license in Canada?

It is a virtual currency exchange. It is used for the purpose of monitoring businesses engaged in exchange operations, such as cross-border financial transfers, currency exchange, the provision of pre-paid products, etc. Among benefits are

  • No cash deposit is necessary for MSB license Canada.

There is no specific cap on authorized capital for this permission in Canada. This is a significant advantage over EMI licenses in several EU nations where your company’s capital is required to be 350 000 euros.

  • The finances and banking system in Canada

With a climate and tax structure that support healthy and steady company expansion and development, it is regarded as one of the greatest areas to launch an enterprise. In Canada, pay systems both have an important impact on the economic industry. In order to expand this sector, the Canadian government imposed rather strict regulations for businesses planning to offer financial services, attracting both domestic and foreign investors.

  • More quickly than other licenses

It could take two to five months to complete the request procedure in Canada. In comparison to other business permissions you might obtain in Europe, this is quite quick. Instead of wasting time on paperwork, you might utilize it to grow your company.

Money service business in Canada

Since its founding in 2020, GenioPay has steadily developed a valued solution that is ready to revolutionize transfers of banks by making global transfers 8X more affordable for customers.

For GenioPay to realize its goal to develop into a worldwide bank that services millions of customers, Canada, which is home to numerous multinational fin&tech start-ups, has granted acceptance to a Canada MSB License. It is a system that takes pride in its openness and allows customers to compare prices and decide on the best course of action financially.

Most of the residents use banks or internet platforms to send money abroad. As indicated by notable growth in the volumes and prices of digital transmissions at the end of 2020 with banking laws limiting entrance into the marketplace, citizens of Canada are rapidly adopting these instruments to remittances.

Obtaining an MSB license in Canada allows clients to make deposits into their e-wallets and send funds abroad at a very cheap cost.

Canada Money Services Business (MSB) License permits

It permits the next kinds of operations:

  • redeeming traveler’s checks, exchanging currencies, issuing such securities, paying bank fees, and transferring of funds;
  • transfers using digital currency;
  • leasing of space with the intention of putting ATMs there later on while being in charge of the machines’ maintenance.

We can consult you about extra info on Money Services Business registration in Canada if you are engaged in trade activity there.

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