Canada Gazette - Part I, October 24, 2026, volume 160, number 43

The Gazette notice says the Stablecoin Act received royal assent in March 2026[1]. It says the proposed rules "would prescribe the elements needed for issuers to register with the Bank of Canada"[1] and comply with the Act.According to Bitcoin.com News, issuers would have to keep reserves backing outstanding tokens at a minimum one-to-one ratio[3]. It also reports that reserves would need to be held with qualified custodians incorporated in Canada[3].Fasken writes that issuers would have to complete the redemption within three business days[4] and could not charge a redemption fee above 1%.Cryptonews.net reports that rewards tied to using a coin, rather than holding it, would stay allowed.[2] It quotes the notice as saying the prohibitions aim "to distinguish stablecoins from financial products that compete directly with bank deposits"[2].According to Cryptonews.net, fines would range from 1 million Canadian dollars for serious violations to 10 million for "very serious" ones[2]. It reports that the notice assumes five issuers[2] plus about 30 payment companies would come under Bank of Canada oversight.Crowdfund Insider reports that the consultation runs until 11:59 p.m. EST on December 23, 2026.[5] Fasken says the stated intention is for the Regulations to come into force in fall 2027.[4]