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…
We previously reported about action by the U.S. House of Representatives concerning U.S. Security and Exchange Commission (“SEC”) Staff Accounting Bulletin No. 121 (“SAB 121”), which was issued on March 31, 2022. It requires reporting entities which perform custodial duties in relation to crypto assets to hold those assets on their balance sheet. Doing so means these entities would also be required to take on significant capital, liquidity, and other costs under the existing prudential regulatory…
Last month, the Australian Tax Office published a notice detailing its latest data collection and surveillance requirements for crypto designated service providers in Australia. Specifically, the ATO will acquire account identification and transaction data from crypto designated service providers for the 2023-24 financial year through to the 2025-26 financial year inclusively. The data items include: client identification details (names, addresses, date of birth, phone numbers, social media account and email addresses) and transaction details (bank…
U.S. Security and Exchange Commission (“SEC”) Staff Accounting Bulletin No. 121 (“SAB 121”) was issued on March 31, 2022. It requires reporting entities which perform custodial duties in relation to crypto assets to hold those assets on their balance sheet. Doing so means these entities would also be required to take on significant capital, liquidity, and other costs under the existing prudential regulatory framework. SAB 121 thus represented a significant departure from decades of generally accepted…