Canada Joins Regulatory Race, Aims for Budget Inclusion of Stablecoin Framework

Reading Time: < 1 minute

Canada is swiftly developing its own stablecoin framework, seeking to position itself in a global regulatory landscape increasingly defined by the US’s recent actions.

Sources indicate the Canadian government is working to have the framework ready for the November 4th federal budget, following weeks of intensive talks with industry stakeholders.

The effort focuses on overcoming domestic hurdles, such as the classification of stablecoins, while also looking to compete with the United States.

The US took a significant step by classifying compliant stablecoins as payment instruments under the GENIUS Act, a move that, despite facing criticism from figures like Senator Elizabeth Warren, sets a precedent Canada now appears eager to follow with its own tailored approach.