Scallop Obtains MSB License for Operations in Canada

January 11th, 2022 at 2:50 pm UTC · 2 min read

Scallop Obtains MSB License for Operations in Canada
Photo: Scallop

Scallop has acquired money services business, or MSB, license from Financial Transactions and Reports Analysis Centre (FINTRAC). The Canadian MSB license issued by FINTRAC, allows SCALLOP FINTECH INC, (Scallop Group Limited’s Canadian corporation subsidiary) to conduct money transfers and be a dealer for foreign exchange, as well as for virtual currencies.

  • Foreign Exchange dealing allows Scallop to conduct transactions to exchange one type of currency for another (for example, exchanging USD for CAD).
  • Money Transferring permits Scallop to transfer funds from one person or entity to another using an electronic funds transfer network or any other method such as Hawala, Hundi, Fei ch’ien, and Chitti.
  • Virtual Currency Dealing permits Scallop to hold and trade virtual currencies including fiat and cryptocurrencies.

This license will facilitate the Company’s robust DeFi banking ecosystem, which includes IBAN Accounts, Multi-Currency Wallets, Transfers and Remittance, as well as an NFT Marketplace and a native blockchain, Scallop Chain, into the North American region, offering users and institutional partners regulated crypto and banking services.

Raj Bagadi, Founder and CEO, Scallop said:

“We are extremely proud of this moment. The MSB license adds to our license in the European Union already. Receipt of this license and successful registration highlights our commitment to cooperatively working with regulators in the jurisdictions that we operate in across the globe. Canada is a key country in the digital asset world and so we are delighted with this expansion path.”

About Scallop

Scallop is an innovative fintech ecosystem for users who want a faster and more efficient way to manage their crypto + fiat in a single place securely. Our mission is to bring digital assets further into mainstream usage and bridge the gap between decentralized and traditional finance.

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Karampal Singh

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