Canada weighs stablecoin rules ahead of federal budget: Report
Canada eyes new stablecoin rules in upcoming budget, aiming to modernize payments and follow the US GENIUS Act’s regulatory example.
The Canadian federal government is reportedly preparing new rules for stablecoins, with an update potentially coming in next week’s federal budget, signaling that more countries may follow the United States’ lead after the landmark passage of the GENIUS Act.
Citing people familiar with the discussions, Bloomberg reported Monday that government officials have been meeting with regulators and industry stakeholders for several weeks. The update on stablecoin regulation could be unveiled as early as Nov. 4, when Finance Minister François-Philippe Champagne presents the federal budget.
Canada lacks a comprehensive legal framework for stablecoins, though regulators have previously indicated that certain tokens could qualify as securities or derivatives under existing laws.