On November 7th, according to foreign media reports, the Bank of Canada, which is responsible for digital assets, is adopting a flexible, risk-based approach to establish a corresponding regulatory framework for the country’s digital currency operators.
The Bank of Canada is currently in negotiations with Parliament to discharge its new regulatory functions by enacting a comprehensive digital payment law. It is expected that over 2,500 firms will be under the direct control of the central bank when the bill comes into effect. The extent of its oversight will then depend on the level of risk that digital currency service providers pose to their consumers and the industry.
The bill also mandates all payment service providers in Canada to register their operations with the Bank of Canada by the end of 2024, or face fines of up to C$10 million. But unlike the hostile stance most national financial regulators currently take toward digital currencies, the Bank of Canada has an open and friendly attitude toward the industry.
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