Canada opened a 60-day public consultation on proposed rules for stablecoin issuers that are not financial institutions. Comments are open until Dec. 23. The rules would bar those issuers from paying interest or yield, require them to redeem tokens within three business days of a request, and cap redemption fees at 1% of the coins’ total value.
The government said it intends the rules to take effect in fall 2027. Once in effect, they would require covered issuers to apply to register with the Bank of Canada before issuing a stablecoin.
