The Canadian authorities are actively working on developing a regulatory framework for stablecoins. It is expected that the details of the legislative changes will be presented alongside the budget proposal for the next fiscal year on November 4, 2025.
This is reported by Business • Media
Consultations on Stablecoin Regulation
Discussions regarding the regulation of the crypto sphere between representatives of government oversight bodies and businesses have been ongoing for several weeks. It is known that these consultations are closed and cover a wide range of issues related to the operation of stablecoins in Canada’s financial market.
Changes to the legislation are expected to be announced simultaneously with the presentation of the 2025 budget. The Canadian authorities have expedited their work on the new regulatory framework in light of the recent passage of the GENIUS Act in the United States, which has intensified competition in the digital assets sector among North American countries.
Challenges of Regional Regulation
Each province in Canada has its own regulatory bodies, so implementing changes will require coordination with local authorities. In some regions of the country, strict rules regarding cryptocurrency activities are in place. In particular, British Columbia is considering a complete ban on cryptocurrency ATMs.
“Every Canadian who transacts in an American stablecoin is financing American debt, enriching American institutions, and exporting our financial data south,” said John Ruffolo, founder of Maverix Private Equity and vice-chair of the Canadian Innovators Council.
The Canadian government aims to protect national interests and the financial data of its citizens, making the regulation of stablecoins increasingly relevant for the country.