Implement CAD stablecoin framework

AI summary

Petitioners ask the Government to implement Budget 2025's CAD‑stablecoin framework with interim guidance, ensure fair fintech access, and consult stakeholders. The government responds that the Stablecoin Act received royal assent and regulations are being prepared.

AI summaries describe petitioners’ requests and claims. Consult the official record for the full text.

Official petition

Petition to the Government of Canada Canada’s financial system is at a pivotal moment as the government advances reforms in open banking, digital payments, and competition; The Government of Canada, through Budget 2025, has made a commitment to introduce a framework for stablecoin regulation; A well-regulated crypto sector, including interest-bearing CAD-backed stablecoins, can strengthen Canada’s global competitiveness and support innovation while protecting consumers; Other jurisdictions such as the E.U., U.K., Australia, and U.S. have established clear frameworks for stablecoins and digital assets, positioning themselves as leaders in financial modernization; Budget 2025 commitment presents an opportunity to lead; and Canadian fintechs and innovators require clear and fair rules to compete with large incumbents, drive productivity, and deliver better options to consumers. We, the undersigned, residents of Canada, call upon the Government of Canada to: 1. Rapidly implement the stablecoin regulatory framework as committed to in Budget 2025, ensuring it protects consumers and safeguards financial stability while fostering innovation; 2. Provide interim guidance and exemptions that give CAD stablecoin issuers and intermediaries a workable path forward during the implementation period to support responsible innovation; 3. Integrate crypto and blockchain considerations into Canada’s ongoing financial modernization agenda, including tokenization, open banking and digital payments infrastructure; 4. Ensure that Canadian fintechs have fair access to banking and payment systems to compete and innovate; 5. Assign the blockchain and crypto cross-coordination mandate to the Minister of Artificial Intelligence and Digital Innovation; and 6. Engage industry, consumer groups, and technical experts in consultations on the design of a CAD-backed stablecoin and related digital-asset policies.

Government response

Response by the Minister of Finance and National Revenue Signed by The Honourable François-Philippe Champagne The Stablecoin Act received royal assent on March 26, 2026 as part of Budget 2025 Implementation Act, No. 1. The Stablecoin Act establishes clear requirements for stablecoin issuers with respect to reserve backing, redemption rights, governance, and risk management to protect consumers. It aims to safeguard financial stability and support responsible innovation. Supporting regulations for the Stablecoin Act are currently being developed, with the expectation of having the Act come into force in 2027. The Government of Canada anticipates pre-publishing draft regulations in the Canada Gazette,Part I, later in 2026 for public consultation. The proposed regulations will provide additional detail on the stablecoin framework, including transitional provisions to support stablecoin issuers as they move to compliance with the Stablecoin Act. The government continues to advance a broader financial sector modernization agenda, including payments modernization and consumer-driven banking. The Stablecoin Act is an important element of this agenda. The government will continue to consider developments in areas such as tokenization, blockchain and digital payments in the development of future financial sector policies to support innovation while maintaining the safety, integrity and efficiency of the Canadian financial system. These frameworks also provide more opportunities for new players, including fintechs and non-fintechs, to participate and compete in Canada’s financial sector. Decisions regarding the provision of banking services to individual customers, however, remain commercial decisions made by financial institutions. The government has engaged extensively with stakeholders throughout the development of the Stablecoin Act and the associated regulations. As implementation progresses, the government will continue to engage with a broad range of stakeholders—including banks, credit unions, fintechs, consumer groups, and provinces and territories and regulators—to inform the effective implementation of Canada's stablecoin framework and future developments of digital assets and related financial sector policies. Response by the Minister of Transport and Leader of the Government in the House of Commons Signed by Kevin Lamoureux Ministerial mandate assignments fall under the prerogative of the Prime Minister, who determines the structure of ministerial portfolios and the responsibilities of Cabinet ministers based on evolving government priorities and changing circumstances.