The Canadian financial landscape is evolving with new regulatory frameworks affecting retail payment service providers and public investment funds venturing into crypto assets, as seen through draft supervisory guidelines from the Bank of Canada and proposed amendments from the Canadian Securities Administrators. Additionally, the promise of forthcoming open banking legislation suggests potential transformation in financial services, presenting both challenges and opportunities for Fintech companies and consumers.
As we highlighted in our last quarterly Fintech update in 2023, a new regulatory framework under the Retail Payments Activities Act (RPAA) will soon affect all retail payment service.
Mere hours after rival BitGo announced it was ending a planned acquisition of the company, the state said its finances had become ‘critically deficient.’