The licence

TokenNest has been granted a money-services business licence by Revenu Québec, authorising it to offer virtual-currency exchange and money-transfer services to residents of Québec. The licence complements TokenNest's existing FINTRAC registration and makes the company one of a small number of crypto platforms authorised to serve Québec under the province's Money-Services Businesses Act.

What the process involved

The application covered the company's ownership, directors and officers — each cleared by the Sûreté du Québec — its compliance program, its Québec presence, and every location and agent through which services are offered. Revenu Québec's review ran alongside the company's regular FINTRAC obligations and the independent two-year review of its compliance program. The licence must be kept current as the business changes, and is listed in Revenu Québec's public register.

What it means for Québec clients

Individuals and businesses in Québec can now open accounts, buy and sell crypto and stablecoins, use the OTC desk and make cross-border payments through a platform licensed in the province, with recourse to a Québec regulator. Service, documents and support are available in French; personal information is handled under Québec's Law 25 as well as PIPEDA. The Québec page is at tokennest.com/fr.

Next

The company will continue to expand the products available in Québec under the licence, beginning with the payment gateway for Québec merchants. Verification of the licence: search "TokenNest" in Revenu Québec's Register of Money-Services Businesses, and in the FINTRAC MSB Registry. Enquiries: [email protected].