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Hong Kong-based Crypto Finance Firm Amber Group Secures MSB License in Canada

Hong Kong-based Crypto Finance Firm Amber Group Secures MSB License in Canada

DJ

Digital Journal | 2020/06/12

HONG KONG, CHINA / ACCESSWIRE / June 12, 2020 / On June 11, 2020, UCT, the leading crypto finance firm Amber Group announced that it has obtained the Canadian MSB license (registration number M20935116), marking another significant milestone for the company that previously obtained the US MSB license in 2019.



The Canadian MSB license is issued by the Canadian Financial Trading and Reporting Analysis Center (FINTRAC). Similar to the requirements of US MSB license, businesses are required to register for a MSB (Money Services Business) license where their business status (scale, reputation, etc.) fall within the scope of regulation. The first MSB license was issued to ONEROOT in 2018. The holders of this license can provide cryptocurrency-related services in compliance with applicable laws and regulatory requirements in Canada, such as transactions, payments and derivatives, etc. The approval of the license means that all the operations of the company in Canada are legally operated under supervision, therefore, for sophisticated investors looking for long-lasting portfolio value, Amber Group may be a new reliable and trustworthy partner.


Amber Group, a Hong Kong-based firm offering a range of crypt finance services, was founded by a team of financial professionals from Wall Street's top investment banks such as Morgan Stanley, Goldman Sachs, and Bloomberg. Founded in 2017, the company has expanded its operations around the globe, providing 24/7 service to 200+ well-known large institutions. At present, the cumulative trading volume and average daily trading volume of the company across all products and categories have reached +$100 billion and $100-200 million, respectively.



As a globalized smart crypto finance provider, Amber Group has actively explored the global market and at the same time taken compliance seriously. The obtainment of the Canadian MSB is a further enhancement of the company's global presence as well as its regulatory system and global compliance operation. For future development, the company will launch a new product, Amber App, a smart crypto finance platform, as part of its continued efforts to expand worldwide footprint and carry out compliance work.

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