Crossmint Registers With Bank of Canada, FINTRAC for Stablecoin Payments

Crossmint, a stablecoin infrastructure company, has secured registration as a payment service provider with the Bank of Canada under the Retail Payment Activities Act (RPAA) and as a money services business (MSB) with FINTRAC, the financial intelligence unit responsible for anti-money laundering compliance. The registrations, announced August 13, give Crossmint a regulated framework to handle stablecoin-based money movement in Canada, including onramps, offramps, and cross-border transfers for businesses and residents.

For fintechs building on Crossmint's platform, the dual registrations mean they can route both fiat and stablecoin payment flows through a single infrastructure provider, the company said. Its services support payouts via electronic funds transfers (EFTs), bank wires, Interac e-Transfers, or stablecoin transfers.

The Canadian expansion comes as stablecoins evolve from crypto-trading instruments into payment and settlement tools for fintechs, remittance companies, neobanks, and other financial businesses. Crossmint's combined RPAA and FINTRAC registrations create a regulatory layer for stablecoin funds movement in Canada without requiring each client to establish a separate Canadian entity, build its own AML compliance program, or navigate the full set of federal and provincial requirements before processing transactions.