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…
The Canadian Securities Administrators (CSA) have recently issued a reminder to crypto-backed lending platforms regarding their obligations under securities law, reinforcing the importance of regulatory compliance in a rapidly evolving digital asset landscape. In its October 22, 2025 notice, the CSA emphasized that crypto-backed lending platforms (“Platforms”) may be subject to securities legislation and encouraged such Platforms to comply with applicable regulatory requirements, including securities registration requirements, or seek exemptive relief. According to the CSA,…
On October 5, 2023, the Canadian Securities Administrators published guidance on dealing in Stablecoins, including by imposing updated terms and conditions for crypto asset trading platforms that offer Stablecoins, and requiring issuers of certain Stablecoins to provide undertakings in a form substantially acceptable to the regulators by December 1, 2023. For a complete discussion, click here.
On June 7, 2023, the Canadian Department of Finance issued a public consultation contemplating certain changes to Canada’s anti-money laundering and anti-terrorist financing (AML/ATF) regime (“Consultation Paper”), including proposals affecting virtual currency, digital assets, and technology-enabled finance in Canada. The consultation paper can be accessed here and submissions may be made up to August 1, 2023. Click here to access our Alert that discusses the Paper in greater detail
A federal judge in Canada issued an Order compelling Coinsquare Ltd to divulge customer details to the Canada Revenue Agency. Coinsquare is a crypto-exchange based in Toronto. In a statement posted to its blog, Coinsquare characterized the result as a “significant victory.” According to Coinsquare, instead of providing the CRA with all client data dating back to 2013 as was initially requested, Coinsquare and the CRA agreed that information relating to 90-95% of the clients…
Eight times since 2013, the U.S. Securities and Exchange Commission has repeatedly refused to approve applications for a cryptocurrency-linked exchange traded fund (ETF). See here and here. Time and again, the SEC said that the applicants were unable to persuade the Commission that the Bitcoin market was sufficiently resistant to market manipulation. Another common theme was the dissent of Hester Pierce (affectionately known as “Crypto Mom), who said in January 2020, for example: This order…