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ARTICLE · 25 NOVEMBER 2025

Canada Sees Its First Draft Of The Stablecoin Act

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Through the Budget 2025 Implementation Act, Canada has seen its highly anticipated stablecoin legislation. Below are the highlights from the proposed Stablecoin Act (the "Act").

CanadaTechnology
Jerry Zi Yi Huang
Jerry Zi Yi Huang
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Through the Budget 2025 Implementation Act, Canada has seen its highly anticipated stablecoin legislation. Below are the highlights from the proposed Stablecoin Act (the "Act").

Key Features of the Draft Legislation

1. Regulatory Scope and Applicability

The Act applies to fiat-referenced stablecoins issued by non-prudentially regulated entities. It expressly excludes central bank digital currencies (CBDCs), regulated financial institutions, and closed-loop payment instruments (e.g., merchant-specific tokens). A public registry of approved issuers will be maintained by the Bank of Canada (the "Bank"), and only listed issuers may legally offer stablecoins in Canada.

2. Prudential Oversight and Registration

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

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