Thinking about expanding my payment service to Canada. Do I really need an MSB license there or can I operate under my existing US registration?
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You definitely need separate Canadian MSB registration to operate there legally. Each province has its own requirements too which makes it more complex than just getting one federal license. The process takes time but it's worth it for market access and credibility. Canadian banks are pretty strict about working with properly licensed money service businesses. I learned a lot from https://thebankify.com/the-winning-factor-of-a-canadian-msb-license-for-business/ about why the licensing actually gives you competitive advantages. The regulatory environment is stable and professional which helps with long-term business planning