Canada accelerates regulation of stablecoins and may announce new rules in the federal budget.

[Canada accelerates stablecoin regulation, new rules may be announced in federal budget] According to informed sources, Canada is negotiating stablecoin regulatory rules and may announce a significant update in the federal budget to be released next week. These sources indicate that government officials have been in in-depth discussions with regulatory bodies and industry participants for weeks. It is reported that Canadian Finance Minister Chrystia Freeland will address this issue in the budget document to be released on November 4. In July this year, the United States passed the Genius Act, authorizing financial regulators to oversee stablecoin issuers and their reserve management methods, and requiring issuers to comply with regulations to prevent Money Laundering and evade sanctions. This new law has been welcomed by many in the encryption industry. However, in Canada, due to the lack of relevant legislation, regulators have stated that stablecoins may constitute securities or derivation. Some experts believe that they should be regulated as payment tools and subject to strict oversight.