Overview
- Finance Minister François‑Philippe Champagne is expected to detail the framework in the Nov. 4 federal budget after weeks of closed‑door consultations reported by Bloomberg.
- A central decision concerns whether stablecoins fall under securities or derivatives rules, which would determine supervisory jurisdiction and compliance obligations.
- The outline is expected to set standards for full‑reserve backing, redemption rights, consumer protections and anti–money laundering measures.
- A record $126 million FINTRAC penalty against Cryptomus for thousands of AML violations underscores the enforcement backdrop and urgency for clear rules.
- Officials point to the U.S. GENIUS Act and a roughly $300 billion market dominated by dollar‑pegged tokens as drivers to stem capital and data flight, while Canadian issuers such as Stablecorp and Tetra prepare launches pending clarity.