Patricia secures an MSB license in Canada to further increase the crypto adoption rate in the global market

Patricia Technologies, Africa’s leading crypto exchange company, has been granted a Money Services Business (MSB) license by the Financial Transactions and Reports Analysis Center of Canada (FinTRAC). This license allows Patricia to legally and optimally operate in its capacity as a non-bank financial institution in Canada, to transact currency exchange services, money transfer services, as well as virtual currency transactions.

As of March 2021, in a public announcement by the CSA and IIROC (Canadian Investment Regulatory Organization), Canada has asserted its position in regulating cryptocurrency activity, and the authorities have so far ensured that all cryptocurrency exchanges and companies comply with the regulations. Since the use of virtual currency is not prohibited in Canada, but it is not considered legal tender, each cryptocurrency exchange must register with the Financial Transaction Analysis Center of Canada (FinTRAC), as well as have the securities laws that apply to cryptocurrency transactions.

The MSB license enables Patricia to carry out financial transactions such as

• Currency exchange (this allows Patricia to exchange crypto for crypto, crypto for FIAT, or vice versa for a commission)
• Money transfer (Patricia can transfer funds and carry out cross-border transfers for both individuals and businesses)
• Wallet service (Patricia can now represent cryptocurrency wallets to store cryptocurrency, and create encrypted client keys, as well as to store them).

Commenting, CEO and Founder, Fejiro Hanu Agbodje said“This is great news for our customers, partners and stakeholders. It is an important milestone in our 5-year growth history. Driving global crypto adoption is in line with our goal to make crypto easy across the continent.”

Commenting on the news, Patricia’s Global Head of Strategy and Expansion, Rotimi Ogunwede said., “We are thrilled to have been awarded the Canadian MSB license after meeting all regulatory requirements. The application process was rigorous and included a brief review of our operations as a business. With more responsibility now, we will work closely with both local and international regulators to ensure we meet and exceed their expectations.”

Reacting to the news, Rachael Akalia, Brand Manager, said“The license gives us room to offer more services and explore more crypto use cases for our ecosystem. We can now offer more value to our customers while taking more control of our value chain to enable an improved crypto exchange experience for our customers in Africa and beyond worldwide.”

For the past year, Patricia has been working hard on this, and once again they have broken another threshold.

A cross section of the Patricia Engineering team

About Patricia Technologies

Patricia Technologies is a leading African crypto exchange company whose mission is to make crypto easy for everyone, as well as drive crypto adoption in Africa and other emerging markets through a platform with various crypto use cases for her users. Patricia currently processes over 30,000 daily transactions and serves more than 850,000 users in Africa and beyond. For more information please visit: www.mypatricia.co