Canada plans to ban financial institutions from directly issuing cryptocurrencies, requiring stablecoins to be issued through independent non-financial subsidiaries.

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Canada’s government has unveiled a budget bill that will ban federally regulated financial institutions from directly issuing cryptocurrencies, and require stablecoins to be issued only through independent non-financial subsidiaries regulated under stablecoin-specific laws. Announced on November 5 local time, the bill mandates that issued cryptocurrencies must include reserve safeguards such as redemption at face value and asset segregation, and will not be covered by public deposit insurance or government guarantee programs. The Bank of Canada will be responsible for issuer registration, as well as supervising and enforcing regulatory compliance. Separately, the stablecoin regulatory framework is expected to take effect next fall.

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