Global Stablecoin Regulation
Legal with restrictions
Not found: Enacted - Pending Effective Date
Fiat Referenced
Classification
Security
Crypto Asset
Regulatory Authorities
Canadian Securities Administrators (CSA)
Canada’s provincial/territorial regulators coordinate through the CSA. Under an interim “VRCA” approach, crypto trading platforms may list fiat-pegged stablecoins only if they meet specified terms (e.g., 1:1 high-quality reserves, segregation, monthly CPA attestations, clear par redemption; no algorithmic coins). This is platform-level oversight - it is not a blanket issuer law. Some registered platforms list coins (e.g., USDC) under these terms.
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
FINTRAC registers and supervises MSBs/FMSBs that deal in virtual currency. Obligations include an AML/ATF program, KYC, suspicious transaction reports (no threshold), Large Virtual Currency Transaction Reports for ≥ CAD 10,000 (24-hour aggregation), applicable large cash/EFT reports (≥ CAD 10,000), and travel-rule information for VC/EFT transfers (typically from CAD 1,000).
Consumer Protection
Reserve Requirements
Issuers must keep a 1:1 reserve in the same currency as the VRCA, held with a qualified custodian, segregated and bankruptcy-remote; the reserve’s fair value must meet or exceed outstanding units at least daily.
Auditing
Issuers must publish monthly assurance reports from an authorized public accountant within 45 days of month-end (ISAE or AICPA standards permitted), plus annual audited financial statements; they must also disclose reserve composition and key metrics.
Redemption Rights
Issuers must disclose how holders can redeem and any restrictions/fees; platforms may only support VRCAs that meet these issuer conditions. (No statutory “par right” in the interim regime.)
