Stablecoin ACT

Canada has opened a public consultation on draft stablecoin rules that would prohibit interest payments while allowing transaction-based rewards. The framework would require non-bank issuers to keep full reserves at qualified Canadian financial institutions and complete redemptions within three business days.

Coinbase Canada’s new CEO Eric Richmond says the exchange wants to bring more advanced crypto products to Canadian users, including derivatives, decentralized finance services and tokenized assets. He argues that Canada needs a permanent, harmonized digital asset framework rather than relying on temporary exemptions and fragmented guidance.