Canada intensified its control policy over crypto sector companies during the first months of 2026, after the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) revoked 23 money services business registrations linked to crypto assets. The total number of revocations for the year amounts to approximately 50, of which 47 correspond to firms with activity in the sector.
FINTRAC requires that all money services businesses —domestic and foreign— that operate or serve Canadian users be registered before functioning. The agency can revoke those registrations when companies fail to meet compliance standards, submit incomplete information, or do not cooperate with regulatory controls.
The federal government linked these actions to an anti-money laundering strategy. Officials from the Department of Finance noted that virtual asset platforms can create supervisory gaps when controls are weak.
Authorities also announced that the tightening of scrutiny will extend to cryptocurrency ATMs and cross-border service providers serving users in Canada. In 2025, FINTRAC had already issued considerable fines against crypto firms for anti-money laundering violations.
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