Bank of Canada to become default payments regulator

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The Bank of Canada will regulate all payments services companies not already regulated by other agencies, under draft legislation introduced by the Canadian federal government.

The retail payments activities act is part of the government’s federal budget for 2021. Chrystia Freeland, the finance minister, introduced the budget on April 19. It is at the second reading stage in Canada’s House of Commons, and will need to pass that and a third reading, and pass the Senate, before becoming law.

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