Canada's Stablecoin Act: what is enacted and what is still pending

How we got here

Enacted and in force are different things. Until the framework comes into force, the Act's obligations are not yet operating, and no stablecoin should be described as approved or registered under it, whatever its marketing says.

What the Act sets up

The Act is aimed at the issuer: the business that creates a fiat-referenced stablecoin and promises to redeem it. Its main elements focus on whether that promise is backed and managed.

The Bank of Canada already supervises payment service providers under a different law, the Retail Payment Activities Act. The two regimes are separate, even though the same institution administers both.

• Supervisor: the Bank of Canada supervises in-scope fiat-referenced stablecoin issuers.
• Registry: a public registry of issuers.
• Par redemption: issuers redeem at par in the reference currency.
• Reserves: high-quality liquid assets at least equal to the stablecoins outstanding.
• Reporting: monthly reserve reporting.
• Policies: governance, risk, data security and wind-down policies.

What is excluded

The Act excludes closed-loop stablecoins and issuers that are financial institutions or central banks. Exactly how these exclusions are drawn will matter, and the supporting regulations are still to come, so check the final text and regulations rather than assuming a product is in or out of scope.

Who the Act speaks to

The Act's requirements fall on in-scope issuers, but other parties will read it differently. This table sets out how each role relates to the framework as of October 30, 2026, using only what the Act is described as doing.

Nothing in the table changes a merchant's tax or FINTRAC position; those are covered on the CRA business income and FINTRAC pages.

What it means for a merchant today

As of October 30, 2026, the Act is enacted but not in force. For a business that accepts stablecoins, the practical picture is this:

The vendor evaluation checklist helps you record what a provider tells you about the stablecoins it supports, so you can revisit those answers once the framework applies.

• Your existing obligations still apply: CRA income tax and GST/HST on each payment, and FINTRAC if your model goes beyond accepting payment for your own goods or services.
• No stablecoin is approved or registered under the Act yet, regardless of how it is described.
• Stablecoins remain crypto-assets. Payments are generally irreversible, and a stablecoin referenced to a foreign currency moves against the Canadian dollar; see price volatility and conversion.
• The securities regulators' approach to value-referenced crypto assets continues to shape what trading platforms can offer; see CSA stablecoin status.
• If you are new to the topic, what is a stablecoin explains how issuers, reserves and redemption fit together.

Open questions

Several points cannot be answered yet, and this page does not guess at them. They are listed so you know what to watch for.

• Provincial securities law. How the federal Act will interact with provincial securities regulation of value-referenced crypto assets is still being worked out.
• Content of the regulations. Draft regulations are still to be published in the Canada Gazette; their detail will shape how the Act works in practice.
• Timing. Finance Canada expects the framework to come into force in 2027; watch for an announced date.
• Which issuers register. Until the registry operates, there is no way to know which stablecoins will appear on it.
• Effect on merchants and platforms. Whether the Act changes what conversion providers support, or what they ask of merchants, will only be clear once it is in force.

How to follow developments

Because the framework is still being completed, the most useful habit is to check primary sources periodically rather than relying on summaries, including this one.

1. Watch Finance Canada's stablecoin framework page for announcements.
2. Read the text of Bill C-15 as passed on LEGISinfo.
3. Look for draft regulations in the Canada Gazette and note any comment periods.
4. Once the registry is published, check it before relying on an issuer's claims.
5. Follow your provincial securities regulator for its position on value-referenced crypto assets.
6. Revisit your provider assessment when the framework comes into force.

Sources

• Finance Canada — Canada's stablecoin framework
• LEGISinfo — Bill C-15 (45th Parliament, 1st session)
• CSA — Update to crypto asset trading platforms about value-referenced crypto assets

Reviewed October 30, 2026. Educational information only; not financial, legal, tax or investment advice. This site does not process payments or hold funds.