The Retail Payments Activities Act (RPAA), draft legislation proposed as part of Bill C-30, would implement a retail payments oversight framework in Canada.
The RPAA would grant the Bank of Canada the responsibility for maintaining a public registry of payment service providers. Companies that provide payment processing would be required to register with the Bank of Canada and meet specific requirements governing their behaviours; those that do not comply with these obligations may have their registration revoked and be subject to penalties of up to $10 M.
Scott, John. “New Bill Proposes Bank of Canada Regulate FinTech Startups That Provide Payments | BetaKit.” Betakit (blog). Accessed May 8, 2021. https://betakit.com/new-bill-proposes-bank-of-canada-regulate-fintech-startups-that-provide-payments/.