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ARTICLE · 13 NOVEMBER 2026

Stablecoins, Different Route: OSC Grants Exemptive Relief From Registration For Stablecoin Trading

Cassels
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On July 30, 2026, the Ontario Securities Commission (the OSC) issued a decision (the Decision) granting exemptive relief from the dealer registration requirement to a United States-based crypto asset infrastructure provider, zerohash LLC (the Company). The Decision permits the Company to operate an immediate delivery stablecoin trading platform for Canadian clients, trading specified stablecoins without dealer registration.

CanadaTechnology
Sean Maniaci
Sean Maniaci
Courtney Wong
Courtney Wong
Tushar Sharma
Tushar Sharma
Carlo Rescigno
Carlo Rescigno
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On July 30, 2026, the Ontario Securities Commission (the OSC) issued a decision (the Decision) granting exemptive relief from the dealer registration requirement to a United States-based crypto asset infrastructure provider, zerohash LLC (the Company). The Decision permits the Company to operate an immediate delivery stablecoin trading platform for Canadian clients, trading specified stablecoins without dealer registration. The Decision is the first relief of its kind and may represent a third pathway to stablecoin trading in Canada, alongside dealer registration and the specified stablecoin regime available to registered crypto asset trading platforms (CTPs).

The Regulatory Context

Canadian securities regulators have consistently taken the position that stablecoins meet the definition of a “security” and/or a “derivative” under Canadian securities law. Consequently, a person or company trading stablecoins for a business purpose in Canada is required to register as a dealer or rely

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