Canada weighs stablecoin rules ahead of federal budget: Report

The Canadian federal government is reportedly preparing new rules for stablecoins, with an announcement possibly included in the federal budget presented by Finance Minister François-Philippe Champagne on November 4th. This move follows weeks of discussions between government officials, regulators, and industry stakeholders, signaling Canada's intent to modernize its payments system and align with international trends, such as the US's recently passed GENIUS Act. Currently, Canada lacks a comprehensive stablecoin framework, although existing laws might classify some tokens as securities or derivatives. The Bank of Canada has advocated for clearer rules to prevent the country from falling behind in adopting stablecoin technology, citing the need to protect consumers from credit and liquidity risks while allowing them to benefit from the technology. While the domestic market for Canadian-dollar-pegged stablecoins is small, US dollar-pegged stablecoins like USDC remain available.

(Source：Cointelegraph)