Canada: Budget Implementation Act enacting Stablecoin Act including authorisation and registration process was passed by House of Commons

On 26 February 2026, the House of Commons passed the Budget 2025 Implementation Act, No. 1 (Bill C-15). Division 45 of Part 5 would enact the Stablecoin Act. The Act would apply to entities issuing stablecoins to the public in Canada. The Act would require the Bank of Canada to maintain a list of issuers and relevant regulatory information. Issuing a stablecoin would be prohibited unless the entity is included on this list. Applicants would be required to provide information on ownership, organisational structure, technology, redemption policy, governance, risk management, financial condition, and prior enforcement actions. Applications would need to include supporting documentation from an independent lawyer and accountant and be accompanied by a prescribed fee. The Bank of Canada would be authorised to request additional information and would be required to notify the Minister of Finance and relevant authorities. The Minister of Finance would be empowered to review applications on national security grounds and to extend review periods. During a review, the Bank of Canada would be prohibited from registering the applicant unless the Minister confirms that no directive to refuse will be issued. The Minister could issue directives refusing registration or prohibiting issuance on national security grounds following an opportunity for representations. The provisions would enter into force on a day to be fixed by order of the Governor in Council.