Ottawa to unveil draft stablecoin legislation in budget, sources say – The Globe and Mail Ottawa to unveil draft stablecoin legislation in budget, sources say – The Globe and Mail

Following the passage of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the GENIUS Act) in the United States, which sets out rules defining and policing stablecoins, calls for similar legislation in Canada are becoming louder. In an interview with The Globe and Mail, Matt Burgoyne, partner and Chair of the Digital Assets and Blockchain Group, says a major challenge with Canadian stablecoin legislation will be the jurisdictional complexity between provincial securities regulators and federal payments oversight.

“We could have a situation where some of our clients are regulated by four different pieces of legislation,” says Matt. That would include the Retail Payment Activities Act, the new stablecoin law, FINTRAC money-services rules and securities regulations.    

In the U.S., stablecoins generally have been designated as payment instruments, with regulation happening mostly at the federal level. In Canada, digital currencies, which includes stablecoins and bitcoin, largely have been treated as securities, which are under the jurisdiction of provinces and territories. However, they can also be characterized as a form of payment instrument similar to cash or credit and so are overseen by the federal government.

Draft legislation is expected to set out requirements for safely issuing and operating stablecoins, including minimum capital thresholds and safeguards to protect Canadians holding and dealing in stablecoins.

If you subscribe to The Globe and Mail, you can read the full article by Mariya Postelnyak and Sean Silcoff posted on October 31, 2025.