KYC in Canada

Hi, I’m just wondering if I’ll be able to pass the KYC using my Canadian health insurance card. I do not have a driver’s license, my passport is expired and we do not have national IDs in Canada. I was hoping maybe someone would know because I’d like to stake my NEX when the exchange launches and it’ll suck if I can’t KYC :’(

You will probably need to have a Driving Licence or Passport.

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Yeah… Getting a new passport would be useful, even besides staking :slight_smile:

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I wasn’t planning to travel out of Canada for a while so I just didn’t bother renewing it and it takes a long time to get it :confused: We basically use our Health insurance card as an ID so that’s why I was wondering if it would work ( it would save me some hassle but I guess I can’t take the lazy route :sweat_smile: ).

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Also something to think about be aware of the priviledge you have being born in a country like Canada and have acces to almost all countries in the world let that sink in for a moment!! People are not aware enough of te priviledge in life you get just for being born somewere… the opposite also counts for billions of people …people would die for a Canadian passport don not be lazy about this cheers!

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@maxcgravel I think that usual documents used as national ID are supported in general. So before investing in a passport just for Nash I would test it when the platform is live.

Regarding Canada specific case, just one week ago there has been changes in local regulations that block entries of new players in the market. Canada will require us to follow the same US restrictions and register both the business and as money transmitters in each province. Fortunately that is only 10 and we already started the process.

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Thank you for your answer ! Good to know about the new regulations. I’m gonna wait and see if I can KYC without a passport seeing as staking might not even be available in my province when the platform launches. If I have to wait then I’ll wait, I’ll be here for a while anyway :wink:

Small anecdote, about two weeks ago I had a weird dream that you announced the release date would be at my birthday and it actually happened :rofl:

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Thanks for the update Fabio, I am also Canadian so this interests me.

When referring to new regulations, is that related to actually using the exchange to trade, etc (ie. like a Coinsquare in Canada). Will this have any impact on the ability to stake for Canadians.

Also, would you mind providing a link to the specific piece of legislation.

Thanks!

Scratch that part related to the link to legislation, I have taken a look through the FINTRAC requirements.

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As someone who has done some KYC verifications in my time, I can guarantee that a health insurance card will not be an acceptable form of ID. Canada does have Photo ID cards that are used in place of Driver’s licenses; These are an acceptable form of ID.

In general, Passport, Driver’s License, ID card and sometimes Residence Permits are acceptable.

Photo IDs in Canada are dependent on the province where you live. There’s no alternative to a driver’s license in Quebec. We simply use our health insurance card as our photo ID ( it does have a photo ).

Prayers to you and your legal team in regards to entering Canada. I honestly believe it’s tougher to enter than America. The banks are NOT crypto friendly here. Much faith in Mr. Wahle. You guys are doing great work.

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I think the MSB license is more of a Federal/Provincial regulation hurdle as opposed to a dealing with the Bank issue. At the federal level, I believe once you apply you should have a response within 14 days. Fabio seemed to indicate you would need Provincial MSB licensees as well, however, I would be surprised if anywhere outside of Alberta/Quebec didn’t follow the federal legislation.

Hi Fabio,
im from Canada too and im little anxious about this statement.

I was a very lucky lottery winner for the token sale but now im not sure if i will be able to use and stake my token.

The fact that EU and US are your top priority, and you can’t talk about how long this process will go…It is possible for you and your team to make weekly or montly update about this “Canada” issue please ?

And, the most important, be crystal clear if Nash cannot access to some specific province (Alberta, Ontario, Quebec, etc…)

Im still very happy to be an very early investor in your young startup but now with the possibility that some Canadian can be exclude make me very anxious because if this happen, it will be impossible for us to resell NEX token.

I know you are very busy but I will waiting for a reply from you or your team.

Keep up your great work

Agreed.

Only Passport and Driver’s License are acceptable for authentification process in Canada.

It’s only $220 CAD for new Passport and it will be valid for 10 years.

Hi @Nash_Investor, thanks for the kind words!

The Canada case is due to changes made end of June to legislation [see it here], it classify foreign crypto platforms as money servicing businesses (MSBs) meaning any cryptocurrency exchange servicing Canadian costumers must fulfill all obligations, including implementing a full compliance program that is very close to US requirements and registering with FINTRAC. To the best of my knowledge communication was sent to Canadian exchanges in July with a period of adaptation, however to international and new exchanges servicing Canada it expected to be valid on publication.

We will not comment on how other platforms are dealing with this (or if they are defying Canada rule over its citizens). Nash will comply as is our goal to de-risk the business and keep compliance levels to allow us to progress in the offerings we want to provide in the foreseeable future.

This is applicable at national level, so Nash must work with all provinces - we will not give weekly or monthly updates as we have not done so with US, talking about licensing processes only make it slower. This is the last message I approach this theme.

We want to service Canada and Fabian has started work on the topic a few weeks ago already, as we have communicated in the risks the regulatory landscape is consistently changing and we will continue to monitor and work towards general availability in Canada.

Regarding NEX tokens, there is no impossibility to resell those - NEX tokens to non-US persons have been unlocked since issuance and you are free to transact peer-to-peer or on OTC platforms, there is several platforms supporting the buy/sell of NEX today.

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