Exploring Business Prospects in the Canadian Landscape: Canada, a realm brimming with economic promise, allures global entrepreneurs and investors. Thanks to its unwaveringly stable economy, fortified legal framework, and unyielding dedication to innovation, Canada has emerged as a beacon for those aspiring to establish themselves within North America. However, prior…
The Retail Payment Activities Act (RPAA), alongside its accompanying regulations, marks a significant step in Canada’s evolving regulatory landscape, aiming to enhance the supervision of PSPs in the retail sector. Enacted to address potential risks in payment systems, the RPAA and its finalized regulations, published on November 22, 2023, establish…
The authority of Canada made an effort to lessen the expected tendencies of legal challenges that would follow as e-currencies have become more common in the world. By modifying the PCA to contain all individuals and companies trading in cryptocurrency in Canada, it evolved the foremost country to enact legislation…
On April 21, 2023, the Canadian governance unveiled the Notice of Ways and Means Motion, ushering in pivotal changes to the Proceeds of Crime (Money Laundering) and Terrorist Sponsoring Act (PCMLTFA) as outlined in the 2023 federal budget. Our previous coverage (refer to our Blakes Bulletin: 2023 Federal Budget: Impact…
Following the ongoing crypto-crisis started when Bitcoin dropped from its all-time high above $68,000 in 2021 to less than $18,000 in 2022, the crypto market went from boom to collapse, opening a new era called “crypto winter”. As cryptocurrencies hit a rough patch in 2022, especially between May and July,…
On June 30, 2023, in Santa Clara, California, YOMAEX, the leading global digital currency exchange, achieved a significant milestone by securing a Canadian MSB license as part of its strategic expansion into Canada. This achievement not only signifies a pivotal moment in YOMAEX’s presence within the worldwide digital acquisition trading…
Setting up and managing an account in a banking organization is one of the most frequent procedures in the field of banking and finance in Canada. The service of setting up an account is now available not only for citizens but also for foreigners or non-residents. Both businesses and natural…
Canada’s regulatory authority in financial matters, guided by the OSFI, is actively seeking input on the disclosure of cryptocurrency assets, aligning with broader global trends. This initiative follows the agency’s proposal of new guidelines in July, emphasizing the perceived risks associated with the dynamic nature of the cryptocurrency sector. Background:…
The existence of RPAA considerably alters the regulation of PSPs in Canada. So this is the perfect time to make yourself ready. Nowadays, all PSPs are obliged to enroll with the Bank of Canada. The following gives a more overarching view of those persons and entities subject to the RPAA,…
Organizations which deal with payment offerings in Canada are obliged to adhere to the severe rules under the RPAA from the last quarter of 2024. The aim of these regulations are improvement of safety and dependability of online payments. This area has an effect on millions of everyday transactions. The…
2025 is becoming a year of significant alterations in many spheres, the field of monetary offerings in particular. It is of high importance to keep up with these developments in order to stay adhered to regulations and identify new favorable circumstances for enterprises. This article will make you go over…
New rules for PSPs are on their way. It will become very important for both local and overseas providers to enroll with the country’s central fiscal institution. An official from this establishment says that it is of high significance for these providers to perform enrollment. She also outlines the stages…
