Canada Tightens Oversight of Payment Providers

[cryptobro]

The KuCoin fine arrives as Canada ramps up oversight of wallets, stablecoin operators, and payment providers. Key provisions of the Retail Payment Activities Act took effect on Sept. 8, placing new safeguards for funds and risk controls under the Bank of Canada’s supervision. FINTRAC head Sarah Paquet said the regime protects “the safety of Canadians and the security of Canada’s economy,” adding that the agency will act when firms fail to comply.

[EmTeam]

Canada’s new rules show they’re serious about tightening oversight on crypto payments.

[Nahid10]

Stronger safeguards under the Bank of Canada could boost trust but add pressure on exchanges.