Canada: Budget Implementation Act enacting Stablecoin Act including authorisation and registration process was tabled in Parliament

On 4 November 2025, the Budget Implementation Act was tabled in the House of Commons. Division 45 of Part 5 introduces the Stablecoin Act, which sets out obligations for the issuance and offering of stablecoins. The Bill establishes a registry of stablecoin issuers maintained by the Bank, which publicly lists all authorised issuers and relevant regulatory or enforcement information. Entities cannot issue a stablecoin unless they are on this list. To be added, an applicant must submit information about ownership, organisational structure, technology, redemption policy, governance, risk management, financial condition, and any prior enforcement actions, along with supporting statements from an independent lawyer and accountant, and a fee. The Bank can request additional information and must be notified of any changes. Once the application is considered complete, it is shared with the Minister, designated authorities, and the Centre for oversight and compliance. The Minister may decide to review an application for national security or other concerns within a period set by regulation. If a review is initiated, the Bank cannot add the applicant to the registry until the Minister confirms that no review will take place. The Minister may also extend the review period if necessary, and the Bank must inform the applicant of any such extension. The Minister can request further information or issue a directive to refuse the application for reasons including security concerns, non-compliance, or false information, with the applicant given an opportunity to respond. If no directive to refuse is issued, the Bank adds the applicant’s name to the registry and notifies them.