The Bank of Canada has warned fintech companies not to promote their registration under the country’s new payments oversight regime as an endorsement. In guidance issued through a newsletter, the bank said suggesting approval or backing by the central bank is “strictly prohibited.” Firms may only reference their status by directing users to the official registry.
Spokesperson Akim Thibouthot did not confirm whether promotional announcements violate the directive. Since September, non-bank payments providers must register and follow safeguards designed to protect users from failures, cyberattacks and operational risks.
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