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ARTICLE · 10 NOVEMBER 2025

Ottawa To Regulate Stablecoins: Key Digital Assets Takeaways From Budget 2025

McMillan LLP
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In a landmark move, the Carney government's 2025 federal budget signals Ottawa's clearest policy direction yet on digital assets—with stablecoins front and center.

CanadaTechnology
Jerry Zi Yi Huang
Jerry Zi Yi Huang
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In a landmark move, the Carney government's 2025 federal budget signals Ottawa's clearest policy direction yet on digital assets—with stablecoins front and center.

What's New

Budget 2025 announces forthcoming legislation to regulate fiat-backed stablecoins in Canada. The new framework will require issuers to:

  • Maintain adequate and high-quality reserves;
  • Establish clear redemption policies and liquidity protections;
  • Implement risk management frameworks and cybersecurity protocols;
  • Safeguard personal and sensitive data;
  • Comply with national security measures.

Oversight will fall under the Bank of Canada. Related amendments to the Retail Payment Activities Act (RPAA) will also bring stablecoin-based payment service providers under federal supervision.

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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.

© McMillan LLP 2025

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