Canada Publishes Draft Stablecoin Regulations: Issuers Must Register With the Bank of Canada, Hold 1:1 Reserves and Redeem at Par Within Three Business Days
Ottawa, Canada's capital. On October 24, the Department of Finance Canada published proposed stablecoin regulations in Part I of the Canada Gazette (Vol. 160, No. 43), setting out detailed rules under the Stablecoin Act, which received royal assent in March of this year. Members of the public may submit comments to the department until December 23.
Under the draft rules, stablecoin issuers would have to register with the Bank of Canada before issuing fiat-referenced stablecoins in Canada. Issuers would be required to hold reserve assets in the same fiat currency, at a ratio of at least 1:1, so that every stablecoin in circulation is backed by assets of equal value.
On redemption, holders would have the right to redeem stablecoins at par value, and issuers would have to complete redemption within three business days, with no minimum redemption amount and fees capped at 1% of the amount redeemed. The draft also prohibits issuers from paying holders any form of yield or interest.
The department said the federal framework is intended to ensure Canadians can trust the stablecoins they hold, protecting users while supporting responsible innovation. The framework is expected to take effect in fall 2027.
Source: Department of Finance Canada
Published by GSM · USA (original Chinese edition)
Photo: 图：加拿大银行（央行）总部大楼，位于渥太华。shankar s. 摄，CC BY 2.0，取自 Wikimedia Commons。 / Photo: The Bank of Canada head office in Ottawa. By shankar s., CC BY 2.0, via Wikimedia Commons.
