Canada's Budget Implementation Act Creates Regulated Stablecoin Space, March 2026

On 26 March 2026, Bill C-15, the Budget Implementation Act, 2025, No. 1, received Royal Assent in Canada, forming part of Statutes of Canada 2026, c. 3. Among its financial sector provisions, the Act creates a regulated space for stablecoins, with the stated purpose of supporting innovation and building trust in digital payments. This provision is now enacted law.

Bill C-15 was introduced on 18 November 2025 as a government bill implementing Budget 2025. The stablecoin measure falls within the broader set of financial sector reforms enacted by the Act, alongside provisions on consumer-driven banking, fraud prevention, and credit union expansion. The specific controlling provisions amend the federal financial institutions statutes — including the Bank Act and the Trust and Loan Companies Act — to accommodate stablecoin issuance under oversight. Implementation regulations specifying operational requirements for stablecoin issuers have not yet been published; the Department of Finance Canada has indicated further consultations will follow.

Banks, trust companies, and fintech firms seeking to issue stablecoins in Canada must monitor the forthcoming regulations to determine applicable capital, reserve, redemption, and disclosure requirements. Existing payment service providers registered under the Retail Payment Activities Act must assess whether stablecoin-related activities require separate regulatory treatment. Digital asset platforms operating in Canada should review whether offering stablecoin-related products triggers registration or licensing under applicable securities, banking, or payment legislation.

The Act establishes the legislative basis for stablecoin regulation but leaves substantive requirements to be set by Governor in Council regulations and guidelines from the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC). Timing for subordinate instruments has not been confirmed. Bill C-15 also created the Financial Crimes Agency, which will assume anti-money-laundering enforcement and may extend oversight to stablecoin issuers.

Our firm advises financial institutions, fintech companies, and digital asset businesses on Canadian regulatory compliance and connects clients with our dedicated network of Canadian financial law practitioners for licensing, structuring, and public consultation submissions; inquiries are welcome. Work types we handle include: Canadian stablecoin issuer advice, OSFI regulatory guidance, Retail Payment Activities Act registration, digital payments compliance, federal financial institutions law, and crypto asset regulatory strategy.

Source: Department of Finance Canada, "Legislation passes to implement Budget 2025: Canada Strong," News Release, 26 March 2026, https://www.canada.ca/en/department-finance/news/2026/03/legislation-passes-to-implement-budget-2025-canada-strong.html; Parliament of Canada, LEGISinfo, Bill C-15 (45-1), https://www.parl.ca/LegisInfo/en/bill/45-1/C-15, confirmed 21 April 2026.

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