The Globe and Mail reports in its Wednesday, Oct. 30, edition that the Bank of Canada is urging digital payment companies to register under a new regulatory regime starting Nov. 1. The Globe's Mark Rendell writes that payment service providers (PSPs), including point-of-sale software and fintech firms, must register with the BOC within two weeks. The new regulations will be fully enforced by next September. The BOC has identified over 3,000 companies that it considers PSPs. This list includes large businesses like PayPal and Moneris, as well as start-ups with only a few employees that focus on specific areas of the payment ecosystem, such as cross-border remittances. Fintechs Canada director Alex Vronces says, "Some companies are well-prepared, while others are not." Mr. Vronces notes that while large companies with legal departments can adapt to the new rules, many smaller companies may struggle, as this is unfamiliar territory for them. The BOC's Ron Morrow says companies must register by Nov. 15. Following this, there will be a nine-month vetting period by the Department of Finance for national security, during which companies can refine their plans with guidance from about 110 BOC supervisors.