Canada enacted the Stablecoin Act (Bill C-15) on March 26, 2026, the first federal framework for fiat-backed stablecoins supervised by the Bank of Canada. Issuers must register, hold 1:1 HQLA reserves, support at-par redemption, and cannot pay yield. Non-fiat stablecoins remain under provincial securities law. Implementing regulations are pending with full operationalization expected in 2027.
Stablecoin-Legislation Development - https://www.morningstar.com/news/dow-jones/202506265820/canada-working-on-regulations-for-stablecoins-bank-regulator-set-to-implement-guardrails
Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) — Virtual Currency Dealer Amendments - https://fintrac-canafe.canada.ca/msb-esm/msb-eng
PCMLTFA Amendment — March 2026 (Bill C-15) - https://www.prokopievlaw.com/post/canada-s-budget-implementation-act-creates-regulated-stablecoin-space-march-2026
Capital and Liquidity Treatment of Crypto-asset Exposures (Banking) – Guideline (OSFI) - https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/capital-liquidity-treatment-crypto-asset-exposures-banking-guideline
Capital Treatment of Crypto-asset Exposures (Insurance) – Guideline (OSFI) - https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/capital-treatment-crypto-asset-exposures-insurance-guideline
