Operating a cryptocurrency exchange in the USA and Canada involves navigating a complex regulatory landscape to ensure compliance. Here are the primary licensing requirements for each country:

### United States

1. **Federal Regulations**
- **Financial Crimes Enforcement Network (FinCEN)**: Exchanges must register as a Money Services Business (MSB) with FinCEN. This requires compliance with the Bank Secrecy Act (BSA) and implementing an Anti-Money Laundering (AML) program .
- **Securities and Exchange Commission (SEC)**: If the platform deals with securities tokens, it must comply with SEC regulations, potentially requiring registration as a securities exchange or broker-dealer .
- **Commodity Futures Trading Commission (CFTC)**: If the exchange offers trading in cryptocurrency derivatives, it must register with the CFTC as a designated contract market (DCM) or a swap execution facility (SEF) .

2. **State Regulations**
- **New York State Department of Financial Services (NYSDFS)**: In New York, exchanges need a BitLicense to operate. The BitLicense imposes stringent requirements related to AML, cybersecurity, and consumer protection .
- **Other States**: Many states require a Money Transmitter License (MTL) to operate an exchange. Each state has its own application process and compliance requirements, which often include bonding, net worth requirements, and regular reporting .

### Canada

1. **Federal Regulations**
- **Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)**: Cryptocurrency exchanges must register as Money Services Businesses (MSBs) with FINTRAC. This involves AML reporting obligations, implementing a compliance program, and client identification protocols .
- **Canadian Securities Administrators (CSA)**: If the exchange offers trading in tokens that are considered securities, it must comply with securities regulations, which may require registration as a securities dealer or obtaining exemptions .

2. **Provincial Regulations**
- **British Columbia**: Operators must comply with the Financial Institutions Commission (FICOM) regulations, including registration and AML requirements.
- **Ontario**: Exchanges may need to register with the Ontario Securities Commission (OSC) if they deal with securities tokens. Compliance involves meeting rigorous financial and operational standards .

### Key Compliance Steps

1. **AML and KYC Programs**: Both the USA and Canada require robust Anti-Money Laundering (AML) and Know Your Customer (KYC) programs. These include detailed customer verification processes and ongoing monitoring to detect suspicious activities.
2. **Cybersecurity Measures**: Exchanges must implement comprehensive cybersecurity measures to protect user data and assets. This involves regular audits, penetration testing, and adherence to best practices for information security.
3. **Consumer Protection**: Ensuring transparency in operations, clear communication of terms and fees, and mechanisms for addressing customer complaints are critical for compliance.

Navigating the regulatory requirements for launching a cryptocurrency exchange involves significant legal and financial preparation. It’s advisable to consult with legal experts specializing in financial regulation to ensure full compliance and to stay updated with the evolving regulatory landscape in both the USA and Canada.