Legislative guidance
Whatever your “financial innovation”, learn about the laws that apply to it and your obligations under them before its market release. That way, you will avoid penalties and other potentially costly consequences.
- Crypto assets
- Equity crowdfunding and peer-to-peer lending
- On-line investment advice
- Technological solutions
- Mobile payment
- Offering financial products or services over the internet

Crypto assets
Initial offering
Are you planning to launch an initial crypto asset offering (ICO)? You intend to participate in the marketing of a crypto asset?
You could be subject to laws administered by the AMF.
For guidance on the applicability of securities laws to cryptocurrency offerings, refer to:
Exchanging, buying and selling crypto assets
If you want to exchange, buy or sell crypto assets, we strongly advise you to use Crypto asset trading platforms that are registered with the AMF.
The AMF also reminds you to use caution: crypto is complex, highly volatile and susceptible to fraud and therefore a risky investment. For more information, refer to Crypto assets – What you need to know.
You want to offer the public a means of buying or selling crypto assets through an automated distributor without the involvement of a natural person?
If cash can be used to complete transactions (receiving cash on the sale of crypto assets or paying for crypto assets in cash), then Revenu Québec is responsible for enforcing the rules governing the operation of money-services businesses. We invite you to refer to the web page Money-services business | Revenu QuébecThis link will open in a new window (MSBs). Please also refer to web page Financial Transactions and Reports Analysis Centre of Canada
This link will open in a new window (FINTRAC).
You want to make an on-line platform available to the public for the exchange of crypto assets?
If your platform facilitates the purchase and sale of crypto assets, the Securities Act This link will open in a new window may apply, even for crypto assets that are not considered securities. For guidance on how securities legislation applies to crypto asset trading platforms:
- CSA Staff Notice 21-327 (pdf - 124 KB)
This link will open in a new windowUpdated on January 16, 2020CSA Staff Notice 21-327 relating to the Application of Securities Legislation to Entities Facilitating the Trading of Crypto Assets. — Guidance on the Application of Securities Legislation to Entities Facilitating the Trading of Crypto Assets
- Joint CSA and IIROC Staff Notice 21-329 (pdf - 566 KB)
This link will open in a new windowUpdated on March 29, 2021Guidance for Crypto-Asset Trading Platforms: Compliance with Regulatory Requirements. — Guidance for Crypto-Asset Trading Platforms: Compliance with Regulatory Requirements (March 2021)
- Joint CSA and IIROC Staff Notice 21-330 (pdf - 240 KB)
This link will open in a new windowUpdated on September 23, 2021Requirements relating to Advertising, Marketing and Social Media Use. — Guidance for Crypto-Asset Trading Platforms: Requirements relating to Advertising, Marketing and Social Media Use (September 2021)
- CSA Staff Notice 21-332 (pdf - 328 KB)
This link will open in a new windowUpdated on February 22, 2023Crypto Asset Trading Platforms: Pre-Registration Undertakings - Changes to Enhance Canadian Investor Protection — Crypto-Asset Trading Platforms: Pre-Registration Undertakings
- CSA Staff Notice 21-333 (pdf - 344 KB)
This link will open in a new windowUpdated on October 5, 2023Crypto Asset Trading Platforms: Terms and Conditions for Trading Value-Referenced Crypto Assets with Clients — Crypto Asset Trading Platforms: Terms and Conditions for Trading Value-Referenced Crypto Assets with Clients
If the Securities Act This link will open in a new window does not apply to your platform’s activities, but your platform is used as an intermediary for transferring money that is legal tender (e.g., CAD or USD) from one user of the platform to another for the purpose of completing a transaction, please refer to the web page Money-services business | Revenu Québec
This link will open in a new window (MSBs). Please also refer to web page Financial Transactions and Reports Analysis Centre of Canada
This link will open in a new window (FINTRAC).
Some platforms that facilitate the trading of crypto assets must comply with securities legislation. These platforms must be registered with the AMF as dealers. To learn about the registration process and find out which crypto asset trading platforms are registered with the AMF, please refer to Crypto asset trading platforms.
Equity crowdfunding and peer-to-peer lending

You are planning to operate an equity crowdfunding portal or a peer-to-peer lending platform? You are an issuer seeking to raise money through a portal or platform?
These activities are likely to trigger obligations under the Securities Act and its regulations.
Here is some guidance
Start-up crowdfunding
Regulation 45-110 respecting Start-up Crowdfunding Registration and Prospectus Exemptions (pdf - 141 KB)This link will open in a new windowUpdated on June 21, 2021Crowdfunding. (Regulation 45-110) is a harmonized pan-Canadian regulatory framework. It provides a framework for crowdfunding activities for start-ups and early-stage issuers.
Regulation 45-110 provides:
- an exemption from the prospectus requirement that allows an eligible issuer (see section 5 for the list of eligibility criteria) to distribute eligible securities (see below) through an online funding portal.
- an exemption from the dealer registration requirement for funding portals that facilitate online distributions by issuers relying on the start-up crowdfunding prospectus exemption.
The following securities are eligible for this regime:
- Common shares
- Preference shares
- Securities convertible into common shares or non-convertible preference shares
- Non-convertible debt securities linked to a fixed or floating interest rate
- Units of limited partnerships and
- Shares in the capital of an association
- The limit on aggregate proceeds raised by the issuer group (as defined in the regulation) during a 12-month period under the exemption is $1,500,000
- The exemption from the dealer registration requirement is subject to specific requirements (see Part 2 of the regulation for the list of requirements)
- A funding portal that is registered as an investment dealer or exempt market dealer may close a crowdfunding distribution on its platform provided it complies with certain requirements (see Part 3 of the regulation)
Refer to the Guide for Businesses (pdf - 484 KB)This link will open in a new windowUpdated on June 21, 2021Crowdfunding and the Guide for Funding Portals for more information about the regime introduced by Regulation 45-110.
Regulation 45-108 respecting Crowdfunding
The regime implemented by this regulation proposes a prospectus exemption for the distribution of securities of eligible crowdfunding issuers. However, it does not provide an exemption from the dealer registration requirement for funding portals.
Operation of marketplace lending platforms
Marketplace (peer-to-peer) lending platforms act as intermediaries, connecting borrowers and lenders. As such lending takes place outside the traditional banking system, which is riskier. The lending platform specifies the interest rates and terms of the loans offered (refer to the AMF's August 3, 2017 Notice relating to the operation of marketplace lending platforms (pdf - 41 KB)This link will open in a new windowUpdated on August 3, 2017"Notice, operation of marketplace, lending platforms").
- In Québec, there is no regulation dedicated to peer-to-peer lending platforms. However, such platforms are generally subject to requirements under some of the laws administered by the AMF, including the Securities Act
This link will open in a new window
- On-line lending platforms usually carry on activities as intermediaries and thereby act as securities dealers or advisers. They are therefore required to register with the AMF and comply with the regulatory requirements applicable to registrants
- On-line lending platforms that distribute securities to investors must also comply with the prospectus requirement or benefit from a prospectus exemption
Visit the Crowdfunding section for more information about these crowdfunding regimes.
On-line investment advice

You are planning to operate a platform offering investment advice on-line, such as a robot-adviser or an automated adviser?
Firms with business models that rely on artificial intelligence (AI) to carry out transactions or make investment recommendations may need to register as securities advisers with the AMF.
For guidance on ways you can provide advice using an on-line platform while complying with regulatory requirements, consult CSA Staff Notice 31-342 Guidance for Portfolio Managers Regarding Online Advice (pdf - 82 KB)This link will open in a new windowUpdated on September 24, 2015Online Advice.
Technological solutions

You are offering technological solutions (AI, blockchain technology, etc.) to individuals or firms subject to AMF oversight?
This does not necessarily exempt you from the requirement to register with the AMF. If the services you are offering are a substitute for activities reserved for registered entities, you may have to register.
Mobile payment

You want to offer a mobile payment solution (i.e., a way to transfer funds or pay invoices via a smart phone or other mobile device)?
The Money-Services Business Act This link will open in a new window governs funds transfers, i.e., movements of cash funds from one location to another or one person to another via a person, an entity or a network.
If you offer this type a service for remuneration (in the form of a per transaction fee or a fixed amount—a subscription, for example—providing access to numerous services offered via the same mobile solution), please refer to the web page Money-services businesses | Revenu QuébecThis link will open in a new window (MSBs). Please also refer to the web page Financial Transactions and Reports Analysis Centre of Canada
This link will open in a new window (FINTRAC).
Offering financial products or services over the Internet

You want to:
- Offer insurance products over the Internet?
- Offer mortgage brokerage services over the Internet?
- Offer claims settlement services over the Internet?
- Offer financial planning services over the Internet?
You may have to register in order to comply with the Act respecting the distribution of financial products and services This link will open in a new window in one of the sectors it governs: insurance, claims settlements, mortgage brokerage or financial planning.