Canada’s government unveiled a budget bill that would prohibit federally regulated financial institutions from issuing cryptocurrencies directly and require stablecoins to be issued only through separate non-financial subsidiaries subject to stablecoin legislation, according to ChainCatcher.
The report was published on November 10, 2026, at 09:32:53 UTC+8 and said the bill had been announced on November 5, local time.
Redemption protections, but no public deposit insurance
Under the proposal, issued cryptocurrencies would need safeguards including redemption at par and asset segregation. They would not be covered by public deposit insurance or government guarantee programs.
The Bank of Canada would be responsible for issuer registration and for overseeing and enforcing regulatory compliance. ChainCatcher reported that the stablecoin regulatory framework was expected to take effect in autumn 2027; that timing was an expectation, not confirmation that the framework was already in force.
Source: Original ChainCatcher report.