The gold standard of compliance is here.
SnapEx has been granted its Money Service Business license from FINTRAC Canafe, which is the Financial Transactions and Reports Analysis Centre of Canada, a state body which is the body responsible for overseeing sound financial and corporate governance in Canada.
This means that the highest compliance standards are required in order to be granted the license and to maintain the license thereafter.
When looking at the compliance field, there are a number of key areas that need to be adhered to with the main pillars being as follows:
– Know your Customer (KYC)
– Anti-Money Laundering (AML)
– Due Diligence
– Enhanced Due Diligence
– Counter Terrorist Funding
– Corporate Governance
– Suspicious Transaction Reporting
Regardless of who you are, having the right type of licensing is essential, which is why firms within the cryptocurrency/blockchain space should always aim to have either a Money Service Business or a Virtual Asset Service Provider license. You are considered a Money Service Business if you do crypto-to-fiat, fiat-to-crypto, or crypto-to-crypto settlement. Knowing that the entity you entrust your trading activities with is licensed can help assuage many of the core difficulties and concerns within the space and in turn bridge the disconnect that exists between traditional and digital finance. As firms like Blackrock are launching cryptocurrency funds, living up to these standards becomes increasingly important as traditional firms start to enter into the blockchain space.
Enhancing our licensing regime remains a key priority of SnapEx as we continue to scale and expand into new markets, and we will continue to educate our community on licensing, compliance, and the legal framework of cryptocurrency and blockchain.
The SnapEx Team!