FINTRAC (for Bitcoin Miners)

FINTRAC — the Financial Transactions and Reports Analysis Centre of Canada — is Canada's federal anti-money-laundering and counter-terrorist-financing regulator. It administers the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The question that matters for miners is simple: does what you do count as dealing in virtual currency? If it does, you are a money services business (MSB) and must register with FINTRAC. Registration is mandatory and free.

Self-mining vs. acting as an intermediary

Since June 1, 2020, every business dealing in virtual currency in or into Canada is treated as an MSB. FINTRAC defines that dealing as two service categories: exchanging funds for virtual currency (or one virtual currency for another), and transferring virtual currency at a client's request. The key word is client. If you mine Bitcoin for your own account and keep or sell the coin for your own purposes, you are neither exchanging nor transferring on someone else's behalf — so personal or proprietary mining is generally not a registrable activity. You become an MSB when you provide those exchange or transfer services to others.

What changes if you cross the line

An MSB must register, maintain a compliance program, and meet know-your-client, record-keeping, and reporting duties. For example, reporting entities must file a Large Virtual Currency Transaction Report when they receive virtual currency worth $10,000 or more in a single transaction (in force June 1, 2021). Running a hosted-mining pool payout service, a custodial exchange, or an OTC desk can pull you into scope even if you also mine.

This is general information, not legal advice — your facts drive the analysis, so consult a qualified AML professional or use FINTRAC's official self-assessment. See also digital sovereignty in Canada and our Quebec data residency overview.