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Canada plans to formulate stablecoin regulatory laws, following in the footsteps of the United States.
On November 5, the Canadian government officially announced its regulatory plan for stablecoins in its fiscal planning, following the regulatory steps of the United States. It will regulate fiat-backed stablecoins, requiring issuers to maintain adequate reserves and adopt sound Risk Management measures. The Bank of Canada will allocate 10 million CAD over the two years starting in the 2026-2027 fiscal year to ensure everything goes smoothly, and an estimated annual cost of 5 million CAD will be borne by stablecoin issuers regulated under the Retail Payment Activities Act.