On 4 November 2025, the Canadian federal government released its 2025 Budget called “Canada Strong” (“Budget 2025”) which signaled a major step toward regulating crypto assets in Canada. For the first time, and after much speculation that such a proposal was in the works, the federal government announced its intention to introduce legislation to govern the issuance of fiat-backed stablecoins. The proposed framework would aim to enhance consumer protection, strengthen national security safeguards and build…