The stablecoin infra company Crossmint has expanded its regulatory footprint into Canada. It has secured registration as a payment service provider with the Bank of Canada under the Retail Payment Activities Act (RPAA).
It has also registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB).
The registrations, announced on August 13, give Crossmint a regulated framework to now support stablecoin-related money movement in Canada. This includes onramps, offramps and cross-border transfers for businesses and residents.
What does Crossmint’s Licenses in Canada Mean
For fintechs building on Crossmint, the Canadian registrations are designed to bring fiat and stablecoin payment flows under a single infrastructure provider. The company said its services can support payouts funded through electronic funds transfers (EFTs), bank wires, Interac e-Transfers or stablecoins.
Crossmint said the combination of its RPAA and FINTRAC registrations allows it to provide a more complete regulatory layer for stablecoin funds movement in Canada.
The Bank of Canada’s RPAA framework covers payment service providers performing certain payment functions connected to electronic funds transfers. Registered PSPs are required to manage operational risks, respond to incidents and safeguard end-user funds. The Bank began enforcing substantive requirements around risk management and safeguarding in September 2025.
Meanwhile the FINTRAC registration adds the money-services-business component to Crossmint’s Canadian operations, providing the AML compliance framework applicable to money services businesses.
Crossmint argues that obtaining the necessary registrations independently can require businesses to establish a Canadian entity. It can also include building an AML compliance program, implement a risk-management framework and complete federal and provincial regulatory requirements before processing transactions.
For enterprise fintechs, the appeal is therefore less about another crypto license and more about reducing the regulatory and operational work required to launch stablecoin-based payment products.
Canada follows European regulatory expansion
The Canadian registrations extend a regulatory expansion that Crossmint began accelerating in Europe this year.
In July, Crossmint announced that it had received authorization as a Crypto-Asset Service Provider under the EU’s Markets in Crypto-Assets Regulation (MiCA) and authorization as a Payment Institution under the Payment Services Directive (PSD2). The company said the combination allows it to provide infrastructure for both holding stablecoins and moving them as payments under the EU framework.
Crossmint had previously received its MiCA authorization from Spain’s CNMV. That gives it the ability to operate as a regulated crypto-asset service provider across the EU through passporting. It also includes it in the few crypto firms been able to secure MiCA.
The Canadian expansion now adds another regulated market to that infrastructure strategy.
Rather than positioning itself solely as a wallet or crypto infrastructure provider, Crossmint is increasingly targeting the underlying payment infrastructure used by enterprise fintechs.
Its stated target customers include neobanks, remittance providers, payroll platforms and other financial technology companies looking to integrate stablecoin rails into existing products.
Sneha Agrawal 
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