Large virtual currency transaction reports: the $10,000 rule
Status as of October 30, 2026. FINTRAC requires reporting entities to report when they receive virtual currency equivalent to $10,000 or more, either in a single transaction or in linked amounts within 24 hours. The guidance has been in effect since June 1, 2021. This page is general information, not legal advice; FINTRAC is the authority, and a lawyer can help you apply the rule to your situation.
Key points
- The threshold is a receipt of virtual currency equivalent to $10,000 or more in a single transaction.
- Two or more amounts totalling $10,000 or more within a consecutive 24-hour window also count when they are linked.
- Amounts are linked by the same conductor, the same third party or the same beneficiary.
- Reporting entities file the report within five working days.
- A merchant that is not a reporting entity does not file, but a provider it uses may.
What an LVCTR is
A large virtual currency transaction report (LVCTR) is a report that a FINTRAC reporting entity files when it receives a large amount of virtual currency. FINTRAC's guidance on these reports has been in effect since June 1, 2021.
Reporting entities are the businesses FINTRAC regulates, such as money services businesses (MSBs) that deal in virtual currency. Whether your own business is one is a separate question, covered in FINTRAC MSB registration. Everything on this page about filing applies to reporting entities; the later sections explain why it still matters to merchants that are not.
The two ways to reach $10,000
Amounts are linked when they involve the same conductor, the same third party or the same beneficiary; FINTRAC's guidance explains each term. The window is a consecutive 24 hours, not a calendar day, so amounts on either side of midnight can count together.
Because the threshold is expressed as virtual currency equivalent to $10,000, the Canadian dollar value at the time matters. Check FINTRAC's guidance for how that value should be determined.
| Trigger | What counts | Illustrative example |
|---|---|---|
| Single transaction | Receipt of virtual currency equivalent to $10,000 or more at once | One receipt valued at $10,500 |
| 24-hour rule | Two or more amounts totalling $10,000 or more within a consecutive 24-hour window, when linked | Three receipts of $4,000 each from the same person within 20 hours, $12,000 in total |
Because linked amounts within 24 hours are added together, breaking a large payment into smaller ones does not necessarily keep it under the threshold. Do not ask customers to split payments to avoid a report.
Who reports, and by when
The obligation sits with the reporting entity that receives the virtual currency, and it must file the report within five working days. For a reporting entity, meeting that deadline consistently takes a process, not a one-off check. That process needs to be able to do the following.
- Value each receipt in Canadian dollars at the time it arrives.
- Group receipts by conductor, third party and beneficiary.
- Look back across a rolling 24-hour window, not just a single business day.
- File within five working days of the receipt that triggers the report.
- Keep the underlying records, which FINTRAC generally requires for at least five years.
Walking through the 24-hour rule
Suppose a reporting entity receives the following amounts from the same client. All values are illustrative CAD equivalents, chosen only to show how the window works.
The exact rules for counting, and for receipts that fall into overlapping windows, are set out in FINTRAC's guidance. This walk-through only shows why a calendar-day view can miss linked amounts.
- 9:00 a.m. Monday: $3,000 arrives. Total in the last 24 hours: $3,000.
- 4:00 p.m. Monday: $4,500 arrives. Total in the last 24 hours: $7,500.
- 8:00 a.m. Tuesday: $3,000 arrives. Total since 9:00 a.m. Monday: $10,500, which reaches the threshold.
- The entity treats the linked amounts as reportable and files within five working days.
- 11:00 a.m. Tuesday: another receipt arrives. The 9:00 a.m. Monday amount is now outside the window, so the entity looks only at what remains inside it.
What a merchant that is not a reporting entity should understand
If you accept crypto-assets only as payment for your own goods or services and FINTRAC's exclusion applies to you, you are not the one filing an LVCTR. That does not make the rule irrelevant to your business.
The B2B invoicing and real estate deposits pages discuss situations where single payments above $10,000 come up.
- Your provider may be a reporting entity. If you receive through a regulated provider, it may need information about large payments, payers or beneficiaries.
- Large invoices happen. Business invoices and deposits can pass $10,000 in a single payment; be ready to answer questions about them.
- Your records should match. Keep the date, time, CAD value, addresses and transaction hash for each payment so you can respond quickly.
- Your model can change. If you begin receiving value on behalf of others, revisit whether you have become a reporting entity.
Questions to put to a provider about large payments
If a regulated provider sits between your customers and you, its reporting process affects your customers' experience and your cash flow. These are fair questions to ask before you rely on it for large invoices, and they fit alongside the questions to ask a payment provider guide.
- What information will you need from me, or from my customer, when a payment reaches $10,000 or more?
- How do you treat several smaller payments from the same customer within 24 hours?
- Will a large payment be held while you gather information, and for how long, in your experience?
- Which exchange rate do you use to value a receipt in Canadian dollars, and can I get it in my records?
- How do you tell me if you need something from me after a payment arrives?
Records that make reporting questions easier
Whether you file or your provider does, clean records shorten every conversation. The record-keeping checklist lists per-payment fields that serve both CRA and FINTRAC purposes, and the crypto receipt record tool helps you capture the CAD value at the time of each payment.
Crypto-asset payments are generally irreversible, so a large payment received in error is not simply reversed; it has to be sent back as a new transfer, which is a fresh event for your records.
If you are not sure whether you are a reporting entity, or how linking applies to your payment flows, contact FINTRAC through its website and describe your actual flows rather than a general scenario.
Questions people ask
Does a merchant have to file an LVCTR?
LVCTRs are filed by reporting entities. A merchant that is not a reporting entity does not file one, though a regulated provider it uses may.
Is the 24-hour window a calendar day?
No. It is a consecutive 24-hour window, so linked amounts on either side of midnight can count together.
How long does a reporting entity have to file?
Five working days.
Does splitting a payment into smaller amounts avoid a report?
Not necessarily. Two or more linked amounts totalling $10,000 or more within a consecutive 24-hour window count toward the threshold.
What links two payments together?
The same conductor, the same third party or the same beneficiary, as described in FINTRAC's guidance.
Sources
- FINTRAC — Large virtual currency transaction reports
- FINTRAC — Money services businesses
- FINTRAC — Record keeping requirements for MSBs
Reviewed October 30, 2026. Educational information only; not financial, legal, tax or investment advice. This site does not process payments or hold funds.