Economy · 7 d ago
Bank of Canada - Banque du Canada from Canada · CC BY 2.0 · Wikimedia Commons
Canada opens a 60-day consultation on stablecoin rules
Dec
23
Wednesday
Canada Gazette consultation closes
The Department of Finance published the draft rules in the Canada Gazette on Oct 24. Public comments are due Dec 23.
What issuers would have to do
- Register with the Bank of Canada
- Back tokens at least 1 to 1
- Hold reserves with Canadian custodians
- Report monthly to the Bank of Canada
Stablecoin issuers would have to register with the Bank of Canada and back their tokens at least one to one with highly liquid reserves. Those reserves would be held with Canadian custodians.
Rewards for holding
Banned
Rewards for transactions
Allowed
The draft bans issuers from paying interest or yield for simply holding a stablecoin. Rewards tied only to transactions would still be allowed.
And us?
Foreign companies that offer stablecoins to Canadians would fall under the rules. Holders could redeem tokens at face value, with the issuer starting payment within three business days.
