According to ChainCatcher, sources familiar with the matter revealed that Canada is in discussions regarding stablecoin regulatory rules and may announce a major update in next week's federal budget. These sources indicated that government officials have been engaged in in-depth discussions with regulators and industry players for weeks.
Canadian Finance Minister François-Philippe Champagne is reportedly expected to address this issue in his budget document to be released on November 4th. In July, the United States passed the Genius Act, authorizing financial regulators to oversee stablecoin issuers and their reserve management practices, and requiring issuers to comply with anti-money laundering and sanctions evasion regulations. This new law has been welcomed by many in the crypto industry. However, in Canada, due to a lack of relevant legislation, regulators have stated that stablecoins may constitute securities or derivatives. Some experts argue that they should be regulated as payment instruments and subject to strict oversight.
