Canada
Scotiabank says Ottawa’s push for a stablecoin framework is focused on modernizing the payments system and is unlikely to upend broader financial markets.
Canada’s 2025 federal budget gives the Bank of Canada authority to supervise stablecoin issuers and to implement related regulations. The move aims to strengthen consumer protection and financial stability while reducing regulatory uncertainty for issuers.
Canada’s new budget includes funding for stablecoin legislation but must clear Parliament — failure could force another federal election, leaving crypto businesses in regulatory limbo.
Canadian crypto ETFs have seen significant growth with Bitcoin ETFs surpassing US$100 billion in net assets and new Ethereum, Solana, and XRP ETFs gaining popularity amid regulatory clarity. Top ETFs like Fidelity Advantage Bitcoin ETF and CI Galaxy Ethereum ETF are capturing investor interest in 2025.
Canada's Cryptomus exchange has been hit with a record $177 million CAD fine due to significant money-laundering compliance failures. This serves as a strong warning to crypto platforms regarding regulatory adherence.
Cryptomus, operated by Xeltox Enterprises Ltd., has been fined C$176.96 million by Canada's FINTRAC for failing to report thousands of large transactions linked to fraud and illicit activities, marking one of the most significant AML enforcement actions in the country.
Kraken obtains Restricted Dealer registration under Ontario Securities Commission rules, bolsters compliance, appoints Cynthia Del Pozo for North America, and launches free Interac e-Transfer deposits to support Canadian crypto investors.