🇨🇦 Canada vs 🇰🇷 South Korea: crypto licensing compared
Decision context and regulator route
Choosing between Canada and South Korea for a crypto licence starts with who you will answer to: Three bodies: Canadian Securities Administrators (CSA), umbrella of provincial/territorial securities regulators (e.g. Ontario Securities Commission, OSC) setting policy; Canadian Investment Regulatory Organization (CIRO), the national self-regulatory organization CTPs must join as Dealer Members; FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), federal AML/CTF regulator for MSB/FMSB registration. on one side, Financial Services Commission (FSC), Korea's top financial policymaker; Korea Financial Intelligence Unit (KoFIU, also referred to as FIU), an FSC-subordinate unit established 2001 under the FTRA that receives and processes VASP registrations and AML reporting; day-to-day supervision/inspection is delegated to the Financial Supervisory Service (FSS), which set up dedicated Virtual Asset Supervision/Investigation bureaus (announced 29 Nov 2023). FSC retains final sanctioning authority. on the other, via the Dual-track regime. Securities: registration as a Crypto Asset Trading Platform (CTP), since 6 August 2024 this requires full 'Investment Dealer' registration plus Canadian Investment Regulatory Organization (CIRO) Dealer Member status (the previous temporary 'restricted dealer' registration and Pre-Registration Undertaking (PRU) route are both closed to new entrants). AML/CFT: registration as a Money Services Business (MSB) or Foreign MSB (FMSB) with FINTRAC under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). and the VASP registration (not a discretionary licence) under the Act on Reporting and Using Specified Financial Transaction Information (the 'FTRA'/AML Reporting Act, amended effective 25 Mar 2021), which requires: (1) ISMS certification from KISA (Korea Internet & Security Agency); (2) for KRW fiat on/off-ramp services, a bank-issued real-name verified account; plus fit-and-proper/AML program requirements. Layered on top since 19 July 2024 is the Act on the Protection of Virtual Asset Users (VAUPA), which adds customer-asset segregation, insurance/reserve, and market-abuse rules but does not replace the underlying FTRA registration. respectively. The public fields are shown below, with the full dated and sourced comparison included with access.
Canada: verified 2026-08-15 · South Korea: verified 2026-08-15
| Dimension |
🇨🇦 Canada
partly open
Verified 2026-08-15
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🇰🇷 South Korea
partly open
Verified 2026-08-15
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|---|---|---|
| Licence type | Dual-track regime. Securities: registration as a Crypto Asset Trading Platform (CTP), since 6 August 2024 this requires full 'Investment Dealer' registration plus Canadian Investment Regulatory Organization (CIRO) Dealer Member status (the previous temporary 'restricted dealer' registration and Pre-Registration Undertaking (PRU) route are both closed to new entrants). AML/CFT: registration as a Money Services Business (MSB) or Foreign MSB (FMSB) with FINTRAC under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). | VASP registration (not a discretionary licence) under the Act on Reporting and Using Specified Financial Transaction Information (the 'FTRA'/AML Reporting Act, amended effective 25 Mar 2021), which requires: (1) ISMS certification from KISA (Korea Internet & Security Agency); (2) for KRW fiat on/off-ramp services, a bank-issued real-name verified account; plus fit-and-proper/AML program requirements. Layered on top since 19 July 2024 is the Act on the Protection of Virtual Asset Users (VAUPA), which adds customer-asset segregation, insurance/reserve, and market-abuse rules but does not replace the underlying FTRA registration. |
| Regulator | Three bodies: Canadian Securities Administrators (CSA), umbrella of provincial/territorial securities regulators (e.g. Ontario Securities Commission, OSC) setting policy; Canadian Investment Regulatory Organization (CIRO), the national self-regulatory organization CTPs must join as Dealer Members; FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), federal AML/CTF regulator for MSB/FMSB registration. | Financial Services Commission (FSC), Korea's top financial policymaker; Korea Financial Intelligence Unit (KoFIU, also referred to as FIU), an FSC-subordinate unit established 2001 under the FTRA that receives and processes VASP registrations and AML reporting; day-to-day supervision/inspection is delegated to the Financial Supervisory Service (FSS), which set up dedicated Virtual Asset Supervision/Investigation bureaus (announced 29 Nov 2023). FSC retains final sanctioning authority. |
| Capital requirement | Canada capital requirement is included in the £349 pass. | South Korea capital requirement is included in the £349 pass. |
| Timeline to authorisation | Canada timeline to authorisation is included in the £349 pass. | South Korea timeline to authorisation is included in the £349 pass. |
| Local substance | Canada local substance is included in the £349 pass. | South Korea local substance is included in the £349 pass. |
| Application cost | Canada application cost is included in the £349 pass. | South Korea application cost is included in the £349 pass. |
| Ongoing cost | Canada ongoing cost is included in the £349 pass. | South Korea ongoing cost is included in the £349 pass. |
| Passporting | Canada passporting is included in the £349 pass. | South Korea passporting is included in the £349 pass. |
| MiCA CASPs approved | Canada mica casps approved is included in the £349 pass. | South Korea mica casps approved is included in the £349 pass. |
| Key restrictions | Canada key restrictions is included in the £349 pass. | South Korea key restrictions is included in the £349 pass. |
| Recent changes | 6 August 2024: CSA closed the restricted-dealer/PRU interim pathway to new CTP applicants, the most material structural change, pushing all new entrants to full CIRO Investment Dealer membership. December 2024: OSC Staff Notice 33-757 published findings from a compliance review of six Ontario-registered restricted-dealer CTPs. February 2026: CIRO published a Notice on its Digital Asset Custody Framework with tiered custodian capital requirements. March 2026: legislative amendments to the PCMLTFA (via the Strengthening Canada's Immigration System and Borders Act and Budget 2025 Implementation Act) established a new 'Stablecoin Act' with dedicated AML/CFT requirements for stablecoin issuers. Ongoing FINTRAC enforcement crackdown in 2026, with reports of roughly 50 MSB registrations revoked in a single quarter. | The 20 Aug 2026 tightening is now identifiable as Act No. 21358 (amendment to the FTRA/AML Reporting Act), promulgated 19 Feb 2026 and taking effect 20 Aug 2026. It removes the KRW 1,000,000 Travel Rule de minimis threshold and separately expands VASP entry screening: adds a statutory definition of major shareholders, extends fit-and-proper disqualification checks to major shareholders, adds financial condition, social credibility, organisational, staffing and IT review factors, and authorises KoFIU to attach conditions when accepting a VASP report. Existing registered VASPs must re-report under the amended Article 7 within 3 months of the effective date (by approximately 20 Nov 2026). Separately, a Foreign Exchange Transactions Act amendment creating cross-border VASP registration passed 7 May 2026 (effective date disputed, 2 Aug vs 2 Dec 2026). The FSC's implementing-decree package (public comment 30 March to 11 May 2026) adds entry screening for VASP re-reports: a debt-ratio ceiling of 200 per cent excluding customer deposits, a three-year clean default record, fit-and-proper tests for officers and major shareholders, and AML staffing requirements; it removes the KRW 1,000,000 Travel Rule de minimis entirely and treats cross-border transfers of KRW 10,000,000 or more to foreign VASPs or private wallets as automatically suspicious. |
| Difficulty rating | Canada difficulty rating is included in the £349 pass. | South Korea difficulty rating is included in the £349 pass. |
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What changed recently
🇨🇦 Canada (verified 2026-07-02): 6 August 2024: CSA closed the restricted-dealer/PRU interim pathway to new CTP applicants, the most material structural change, pushing all new entrants to full CIRO Investment Dealer membership. December 2024: OSC Staff Notice 33-757 published findings from a compliance review of six Ontario-registered restricted-dealer CTPs. February 2026: CIRO published a Notice on its Digital Asset Custody Framework with tiered custodian capital requirements. March 2026: legislative amendments to the PCMLTFA (via the Strengthening Canada's Immigration System and Borders Act and Budget 2025 Implementation Act) established a new 'Stablecoin Act' with dedicated AML/CFT requirements for stablecoin issuers. Ongoing FINTRAC enforcement crackdown in 2026, with reports of roughly 50 MSB registrations revoked in a single quarter.
🇰🇷 South Korea (verified 2026-08-01): The 20 Aug 2026 tightening is now identifiable as Act No. 21358 (amendment to the FTRA/AML Reporting Act), promulgated 19 Feb 2026 and taking effect 20 Aug 2026. It removes the KRW 1,000,000 Travel Rule de minimis threshold and separately expands VASP entry screening: adds a statutory definition of major shareholders, extends fit-and-proper disqualification checks to major shareholders, adds financial condition, social credibility, organisational, staffing and IT review factors, and authorises KoFIU to attach conditions when accepting a VASP report. Existing registered VASPs must re-report under the amended Article 7 within 3 months of the effective date (by approximately 20 Nov 2026). Separately, a Foreign Exchange Transactions Act amendment creating cross-border VASP registration passed 7 May 2026 (effective date disputed, 2 Aug vs 2 Dec 2026). The FSC's implementing-decree package (public comment 30 March to 11 May 2026) adds entry screening for VASP re-reports: a debt-ratio ceiling of 200 per cent excluding customer deposits, a three-year clean default record, fit-and-proper tests for officers and major shareholders, and AML staffing requirements; it removes the KRW 1,000,000 Travel Rule de minimis entirely and treats cross-border transfers of KRW 10,000,000 or more to foreign VASPs or private wallets as automatically suspicious.
Quick answers
Who regulates crypto licensing in Canada and South Korea?
Canada: Three bodies: Canadian Securities Administrators (CSA), umbrella of provincial/territorial securities regulators (e.g. Ontario Securities Commission, OSC) setting policy; Canadian Investment Regulatory Organization (CIRO), the national self-regulatory organization CTPs must join as Dealer Members; FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), federal AML/CTF regulator for MSB/FMSB registration.. South Korea: Financial Services Commission (FSC), Korea's top financial policymaker; Korea Financial Intelligence Unit (KoFIU, also referred to as FIU), an FSC-subordinate unit established 2001 under the FTRA that receives and processes VASP registrations and AML reporting; day-to-day supervision/inspection is delegated to the Financial Supervisory Service (FSS), which set up dedicated Virtual Asset Supervision/Investigation bureaus (announced 29 Nov 2023). FSC retains final sanctioning authority..
What licence do you need in Canada compared with South Korea?
In Canada the authorisation route is Dual-track regime. Securities: registration as a Crypto Asset Trading Platform (CTP), since 6 August 2024 this requires full 'Investment Dealer' registration plus Canadian Investment Regulatory Organization (CIRO) Dealer Member status (the previous temporary 'restricted dealer' registration and Pre-Registration Undertaking (PRU) route are both closed to new entrants). AML/CFT: registration as a Money Services Business (MSB) or Foreign MSB (FMSB) with FINTRAC under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).; in South Korea it is VASP registration (not a discretionary licence) under the Act on Reporting and Using Specified Financial Transaction Information (the 'FTRA'/AML Reporting Act, amended effective 25 Mar 2021), which requires: (1) ISMS certification from KISA (Korea Internet & Security Agency); (2) for KRW fiat on/off-ramp services, a bank-issued real-name verified account; plus fit-and-proper/AML program requirements. Layered on top since 19 July 2024 is the Act on the Protection of Virtual Asset Users (VAUPA), which adds customer-asset segregation, insurance/reserve, and market-abuse rules but does not replace the underlying FTRA registration.. The comparison table on this page lines the two up dimension by dimension.
Where can I see the full Canada vs South Korea comparison?
The interactive benchmark lets you pin either jurisdiction and add up to five peers; a Founder Pass or Pro subscription unlocks every gated figure with its source and verification date. This page stays free at /crypto/compare/canada-vs-south-korea.
Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.