---
title: "Canada Crypto Regulation Monitor | cryptoassets.gi"
canonical: https://cryptoassets.gi/jurisdictions/canada/
source_html: /jurisdictions/canada/index.html
description: "Canada crypto asset regulation: 9 categories, 55 sourced findings, updated 2026-11-04. Licensing, token classification, stablecoins, tax treatment."
generated_at: 2026-11-07T14:19:44Z
content_sha256: ee88e1c76b90361ff994aaf010aba3c11c95bfb331903be2fd300fa67dd9ea88
generator: "fe-fleet/md-twin@1.0"
---
# Canada Crypto & Digital Asset Regulation

schema crypto-v2.0.0
trajectory: not yet assessed in transition overlaps: [Sentinel (AML/CFT)](https://sentinel.gi/jurisdictions/canada/), [World Payments](https://payments.gi/jurisdictions/canada/)

Last updated 2026-11-04 · 9 categories · 55 sourced
findings · 51 sources in the cumulative register

Download report (PDF) Expand all

Evidence re-verified: 2026-11-04 · Position last changed: 2026-11-04 · Record history & provenance ▾ Methodology & record provenance: Module confidence is derived from the underlying claims (source tier and primary excerpt retention), while statutory legal force is tracked independently.

Review status: AI-synthesised · Tier-1/2 verified · As-of date: 2026-10-26

[Open in Co-Pilot ↗](/reports/?type=copilot&j=CANADA)[Build Report](/reports/?j=CANADA)[Compare](/compare/?j=CANADA)

Framework posture In transition 8 of 9 modules populated · AI-synthesised · Tier-1/2 verified

Lead supervisory authority Canadian Securities Administrators (CSA) Primary statutory & supervisory perimeter

Next milestone (> 2026-10-26) 2027-01-01 Stablecoin Act implementing regulations

Module coverage & confidence 8 / 9 modules assessed 0 Confirmed · 8 Probable · 0 Uncertain · 1 Not yet assessed

9 Categories

0 Moved this cycle 0 Key judgments 3 Open gaps 55 Findings

4 Tier-1 sources

Confidence mix 9 unpopulated
(sums to 9 rendered categories; click to filter)

No categories moved this cycle.

## Member jurisdictions

This page covers Canada federal law once. Each member’s page covers its own law, regulators and enforcement (5 of 7 members covered here).

- [Alberta, Canada](/jurisdictions/alberta-canada/)
- [British Columbia, Canada](/jurisdictions/british-columbia-canada/)
- [New Brunswick, Canada](/jurisdictions/new-brunswick-canada/)
- [Ontario, Canada](/jurisdictions/ontario-canada/)
- [Quebec, Canada](/jurisdictions/quebec-canada/)

## Jurisdiction lead brief

###### Latest update · 25 October 2026

#### Lead Signal

Canada published draft Stablecoin Regulations on 24 October 2026 (Canada Gazette Part I, Vol. 160 No. 43), operationalising the Stablecoin Act that received royal assent on 26 March 2026. The draft regulations require non-financial-institution issuers of fiat-backed stablecoins offered to Canadians — domestic or foreign — to register with the Bank of Canada before issuance; banks and credit unions are excluded from this registration track. Registered issuers must hold reserve assets at a 1:1 ratio in high-quality liquid assets backing outstanding stablecoins, offer redemption within a maximum of three business days, and respect a redemption fee cap of 1% of the redemption amount, against a current market norm closer to 0.1%. A yield ban applies to holding-based returns, though a carve-out for transaction-linked rewards is permitted. The regulations are at consultation stage, with a 60-day comment window closing 23 December 2026, and a targeted in-force date of fall 2027. This moves Canada from a regime where stablecoins were gated indirectly through securities law toward one with a dedicated federal supervisory perimeter.

#### Other Developments

Token classification continues on an interim securities basis. Pending the dedicated federal stablecoin taxonomy taking effect, CSA Staff Notice 21-333 continues to gate which value-referenced crypto assets a crypto-asset trading platform may make available for trading, conditioning listing on terms covering disclosure, reserve assets and redemption rights. Custody expectations for registered platforms have also drawn renewed attention. CIRO's 2026 Digital Asset Custody Framework is reported to require registered firms providing crypto-asset custody to use segregated wallets and maintain documented custody and risk controls, though the primary CIRO notice establishing this framework was not independently retrieved and the claim rests on a secondary summary. A new market entrant tested the Alberta iGaming transition. Stake Canada Ltd registered on the AGLC's list of registered Alberta iGaming operators and targeted a 12 October 2026 regulated launch; registration alone did not permit wagering until a signed Alberta iGaming Corporation operating agreement was in place, illustrating how crypto-adjacent operators are navigating Alberta's tightened iGaming transition deadline of 13 October 2026 alongside their digital-asset posture.

#### Cross-Monitor Connections

The Stablecoin Regulations' extension of Retail Payment Activities Regulations supervision to payment service providers moving prescribed stablecoins creates a direct link to payments-regulation oversight at the Bank of Canada, bringing a class of digital-asset-moving PSPs within a supervisory perimeter that previously applied only to fiat retail payment activity. The securities-law gating of value-referenced crypto assets under CSA Staff Notice 21-333, together with CIRO's custody expectations for registered platforms, continues to sit alongside — rather than replace — the forthcoming dedicated stablecoin regime, meaning issuers and trading platforms face overlapping securities, custody and soon-to-be prudential stablecoin obligations during the transition window. Stake Canada Ltd's provincial iGaming registration intersects crypto-sector commercial activity with gambling-regulatory compliance, an overlap worth tracking as crypto-native brands test regulated gaming markets.

#### Outlook

The 60-day consultation on the draft Stablecoin Regulations, closing 23 December 2026, is the near-term event to watch: comments received during this window could alter reserve, redemption or fee terms before the regulations are finalised toward their targeted fall 2027 in-force date. Separately, the Retail Payment Activities Regulations extension to PSPs handling prescribed stablecoins awaits a further Governor-in-Council commencement order, meaning that leg of supervision is not yet active even once the broader consultation closes. Confirmation of the primary CIRO custody notice, and any further guidance reconciling the interim securities-law gating of stablecoins with the incoming federal regime, remain open items for subsequent cycles.

4 earlier updates not shown here.

###### Standing brief · as of 3 August 2026

Written before the update above. Where they differ, the update is the more recent position.

#### Lead Signal

The defining development in Canada's crypto regulatory posture this cycle is the enactment of a federal Stablecoin Act, administered by the Bank of Canada and reported to follow the U.S. GENIUS Act model. The Act has been enacted but its implementing regulations, exact citation, royal-assent date, and in-force or commencement date could not be established from available reporting this cycle -- a gap the Interpreter has flagged for direct retrieval of Bank of Canada implementing materials. This is the DAF-Act-style pattern that keeps Canada's stablecoin regime in transition rather than settled: the Act coexists with reserve, redemption, risk-management, and privacy obligations already committed to under Budget 2025, with a provincial-level CAD-pegged stablecoin (CADD, issued by Tetra Trust and approved by Alberta Treasury Board and Finance) already operating live, and with CSA Value-Referenced Crypto Asset (VRCA) exchange-listing authorization already binding since 2023, Circle's USDC being the only approved VRCA issuer identified this cycle. Layered on top, the federal government is reportedly preparing amendments to the Retail Payment Activities Act to bring stablecoin-using payment service providers under supervisory oversight, though no forward date for this measure was available for extraction into the regulatory horizon. Together these threads describe a stablecoin regime that is materially tightening but structurally incomplete: multiple binding or near-binding layers exist simultaneously at federal, provincial and self-regulatory levels, without a single unified in-force framework tying them together yet.

#### Other Developments

Canada's core crypto licensing architecture continues to run through securities-law doctrine rather than a bespoke statute. The Canadian Securities Administrators treat a client's contractual claim on exchange-held crypto -- a "crypto contract" -- as a security regardless of the underlying token's own status, which is what pulls platforms such as Coinbase and Kraken into the provincial registration perimeter. An interim 2021 restricted-dealer registration category and a 2023 enhanced pre-registration undertaking (requiring custody segregation, no margin or leverage, and no unauthorized stablecoin sales) continue to govern unregistered platforms pending full registration or market exit. Coinbase Canada is now publicly pushing to codify this exemptive-relief patchwork into a single harmonized national instrument, describing the current regime as predominantly consultative. On custody and consumer protection, the Canadian Investment Regulatory Organization has rolled out a tiered Digital Asset Custody Framework explicitly citing the QuadrigaCX collapse as motivation, though industry commentary characterizes this framework as expressly interim guidance. A federal proposal to ban bitcoin and other crypto ATMs nationwide, citing FINTRAC findings on fraud and money-laundering vectors, was floated in the Spring Economic Update but its enactment status remains unconfirmed. On tax, the Canada Revenue Agency continues to apply either barter-transaction or capital-gains characterization to crypto transactions depending on use, while separately acknowledging it has no reliable way to identify taxpayers operating in the crypto space -- an admission that has driven compelled-disclosure litigation against Dapper Labs and a proposed dedicated Financial Crimes Agency targeted for introduction by Spring 2026, whose current status is unconfirmed. On-chain activity remains bifurcated: staking is tolerated within regulated custodial and ETF structures (Tetra Trust custodies Canada's first staking-enabled ether and solana ETFs), while DeFi and mining/validator activity sit in a genuine regulatory and evidentiary gap that Coinbase Canada has publicly flagged as needing a dedicated pathway.

#### Cross-Monitor Connections

This cycle carries a substantive financial-integrity overlap: FINTRAC's foreign money-services-business enforcement actions against Binance and Peken Global Limited (KuCoin) for registration and large/suspicious-transaction reporting failures, together with the 2022 Emergencies Act sanctions-freeze precedent directing financial institutions -- including crypto exchanges -- to freeze designated-persons' wallets on RCMP-shared information, sit on the illicit-finance surface that financial-integrity is chartered to analyze; no original illicit-finance judgment has been formed here, only the licensing- and cross-border-adjacent framing. A separate world-payments overlap runs through the stablecoin file: the federal Stablecoin Act's Bank of Canada administration and the prospective Retail Payment Activities Act amendments bringing stablecoin payment service providers under supervision are payments-adjacent measures that world-payments should track alongside this monitor's crypto-issuance and reserve-requirement framing. The Canada Revenue Agency's tax-treatment findings, including its acknowledged enforcement-visibility gap, are also routed to world-payments per current monitor taxonomy.

#### Outlook

Canada's crypto regime is best read this cycle as mid-transition across nearly every module rather than settled in any one. The most consequential near-term unknowns are the Stablecoin Act's implementing regulations and in-force date, the enactment status of the proposed crypto ATM ban and the Financial Crimes Agency, and whether industry's push for a harmonized national licensing instrument gains regulatory traction. A further complication for this baseline specifically is evidentiary: essentially the entire claim set rests on Tier-4 secondary reporting, with zero Tier-1-to-Tier-3 primary sources retrieved despite the ready public availability of material such as the CSA Crypto Undertakings register; a systemic confidence-floor correction was applied this cycle to prevent overstating certainty. Publication of this record is accordingly held pending regulator confirmation, and priority backfill should target CSA, FINTRAC, OSC and Bank of Canada primary texts before the jurisdiction's confidence profile can be meaningfully upgraded.

Read full brief · 1427 words

Key regulatory facts for Canada Regulatory Dimension Canada Standing Position

Jurisdiction Canada (CA)

Regulatory Scope Crypto & Digital Asset Regulation (9 modules, 55 sourced findings)

Crypto Licensing Canada's crypto licensing perimeter is constructed through securities-law doctrine (the CSA's 'crypto contract' construct) layered with an interim restricted-dealer registration category and a 2023 enhanced...

Token Classification Token classification continues to hinge on the CSA's judicially untested 'crypto contract' doctrine, which captures exchange-held claims as securities while leaving underlying commodity-type tokens like bitcoin...

On-Chain Activity Regime Staking is tolerated within regulated custody/ETF wrappers, illustrated by Tetra Trust's custody of Canada's first staking-enabled ether and solana ETFs.

Stablecoin Regime Stablecoin regulation is mid-transition: a federal Stablecoin Act administered by the Bank of Canada has been enacted but its implementing rules and in-force date remain unconfirmed, Budget 2025...

Primary Instruments Cited Canadian Securities Administrators (CSA), CSA and IIROC, CSA, FINTRAC, Coinbase Canada

Last Confirmed / Updated 2026-11-04 (51 sources in cumulative register)

9 of 9 categories

Signal
Moved
Judgment
Gap

Density
Comfortable
Compact

Expand all sources
Reset all

Selections OR within a group, AND across groups. Press / to search.

### Canada: C1 Crypto LicensingAmberEnacted in forceModule confidence: Probable▾

Canada's crypto licensing perimeter is constructed through securities-law doctrine (the CSA's 'crypto contract' construct) layered with an interim restricted-dealer registration category and a 2023 enhanced pre-registration undertaking, backstopped by FINTRAC foreign-MSB enforcement. Industry (Coinbase Canada) is publicly pushing for a harmonized national instrument to replace the current exemption/PRU patchwork. Almost the entire evidentiary base this cycle is Tier-4 secondary reporting.

#### Crypto Licensing

Canada's crypto licensing perimeter is constructed primarily through securities-law doctrine rather than a bespoke crypto statute. The Canadian Securities Administrators treat a client's contractual claim against an exchange for crypto held on their behalf -- a 'crypto contract' -- as a security in its own right, regardless of whether the underlying token would itself qualify as a security. This is the doctrinal hook that brings platforms such as Coinbase and Kraken within the provincial securities-registration perimeter: it is the custodial relationship, not the asset, that triggers registration. The doctrine traces to 2021 commentary and, on the evidence gathered this cycle, has not been confirmed as judicially tested; Coinbase Canada's own 2026 public commentary continues to describe the resulting regime as 'predominantly consultative,' resting on case-by-case exemptive relief rather than a codified national instrument.

Sitting alongside the crypto-contract doctrine is a 2021 joint CSA/IIROC framework establishing an interim, time-limited 'restricted' dealer and marketplace registration category, conditional on platforms forgoing leverage and margin, pending a longer-term registration solution that does not appear, from this cycle's evidence, to have been finalized. In 2023 the CSA layered an 'enhanced' pre-registration undertaking on top of this interim category, requiring unregistered platforms operating in Canada to commit to custody segregation, a ban on margin and leverage, and a ban on selling stablecoins without CSA permission, or to exit the Canadian market while pursuing full registration.

Enforcement under the federal money-services-business track runs in parallel to the securities perimeter: FINTRAC's action against Peken Global Limited (KuCoin) for failing to register as a foreign money services business, alongside reporting failures on large and suspicious Canadian-client transactions, shows that registration exposure is backstopped by federal AML enforcement even where provincial securities registration remains exemption-based.

Industry pressure for consolidation is a defining feature of this cycle. Coinbase Canada has publicly advocated codifying current CSA exemptive-relief practice into a single harmonized national instrument, implicitly characterizing today's patchwork of provincial guidance, interim registration categories, and case-by-case exemptions as friction for platforms seeking durable market access.

A material caveat governs how this module should be read: essentially the entire evidentiary base is Tier-4 secondary reporting. A systemic sourcing-defect correction was applied this cycle, downgrading several materiality-4/5 claims -- including the pre-registration undertaking commitments and the KuCoin enforcement action -- from Confirmed to Probable confidence after review found zero Tier-1-to-Tier-3 primary sources retrieved despite the ready public availability of primary material such as the CSA Crypto Undertakings register. The licensing perimeter described here should be treated as directionally accurate but pending direct confirmation against CSA and FINTRAC primary texts.

#### Outlook

The trajectory is one of tightening applied through interim and exemptive mechanisms rather than durable codification. The near-term signal to watch is whether the CSA moves toward the harmonized national instrument industry is now openly requesting, or continues layering additional interim undertakings onto the existing structure. A second signal worth watching is whether a reported 2026 OSC decision involving Coinbase Canada -- referenced but not directly retrieved this cycle -- provides the first judicial test of the crypto-contract doctrine underpinning the entire registration perimeter; any judicial affirmation or narrowing of that doctrine would have first-order consequences for which platforms fall within scope. Given the near-total reliance on secondary reporting this cycle, priority backfill should target the CSA Crypto Undertakings register and any resulting OSC or provincial tribunal decisions before this module's confidence profile can be upgraded.

Read full sub-brief · 564 words Periodic update · new data 2026-10-18

#### Crypto Licensing

Canada's crypto-licensing framework for platforms serving Canadian clients operates on a dual-track model. A platform facilitating trading or dealing in crypto contracts must register under provincial securities legislation and National Instrument 31-103, choosing between registration as a restricted dealer, a more limited category tailored to crypto-asset trading platforms, or as a full investment dealer requiring membership in the Canadian Investment Regulatory Organization, the self-regulatory body overseeing Canada's investment dealers and trading activity. Coinsquare Capital Markets Ltd., which operates under the brand Bitbuy, holds the more comprehensive Investment Dealer registration, and that registration was most recently amended on October 9, 2026. Coinsquare's registration history on the Canadian Securities Administrators' own platform registry dates back to an original decision issued April 3, 2024, with the October 2026 amendment representing the latest point in an ongoing supervisory relationship rather than a new market entry.

The content of the October 2026 amendment itself is not detailed in the primary record retrieved this cycle; what is confirmed is the fact and date of the amended decision, drawn directly from the Canadian Securities Administrators' own published registry of crypto platforms authorized to do business with Canadians. This registry is the authoritative primary source for platform-level registration status in Canada and distinguishes platforms with full investment-dealer status, like Coinsquare, from those operating under the more limited restricted-dealer category.

This dual-track structure sits alongside, rather than instead of, Canada's AML regime: a crypto-asset trading platform registered as either a restricted dealer or an investment dealer under the securities-law track is separately and simultaneously required to register with FINTRAC as a money-services business dealing in virtual currency under the PCMLTFA framework. The securities-law registration governs market conduct, investor protection and prudential matters, while the FINTRAC registration governs the platform's AML/CTF reporting obligations; a platform must hold both to operate lawfully, and the amendment recorded this cycle pertains to the securities-law track specifically.

No other Canadian crypto-asset trading platform's registration status changed within the window captured this cycle, based on the primary registry consulted. The October 9, 2026 amendment to Coinsquare's registration is therefore reported as a discrete, platform-specific event within an otherwise stable regulatory architecture, rather than as evidence of a broader shift in how the Canadian Securities Administrators or CIRO are approaching crypto-platform registration generally.

#### Outlook

The dual-track registration model, combining CSA/CIRO securities-law oversight with FINTRAC AML registration, continues to function as the stable backbone of Canada's crypto-licensing regime. Coinsquare's amended decision indicates the registry remains actively maintained, but the absence of detail on the amendment's substance means its practical significance, if any, for Coinsquare's business or for the broader platform population cannot be assessed from this cycle's primary source alone.

1 earlier distinct update(s) Periodic update · new data 2026-09-28

#### Crypto Licensing

Canada's crypto-licensing landscape now comprises two distinct tracks. The established track requires crypto asset trading platforms serving Canadian clients to register as restricted or investment dealers with provincial securities regulators, passported nationally via the Canadian Securities Administrators. CIRO has completed most of this registration transition, with British Columbia and Manitoba the only jurisdictions where completion status was not confirmed this cycle. This track is stable and in force.

A new, parallel track has been enacted but is not yet operative: the Stablecoin Act, given Royal Assent on March 26, 2026 as part of Bill C-15, creates a Bank of Canada-supervised registration and prudential regime specifically for fiat-backed stablecoin issuers. It requires 1:1 high-quality-liquid-asset reserves, at-par redemption, and prohibits yield payments to holders. The Act is enacted but not yet in force, awaiting a Governor-in-Council order and implementing regulations expected around 2027.

The coexistence of these two tracks means a firm operating a stablecoin-issuing platform in Canada must currently navigate the CSA/CIRO securities-dealer framework for trading-platform activity while preparing for a forthcoming, separate Bank of Canada supervisory relationship specific to stablecoin issuance once that regime commences.

#### Outlook

Watch for the Governor-in-Council order commencing the Stablecoin Act, expected around 2027, and for confirmation of CIRO registration-transition completion in British Columbia and Manitoba, which remains unconfirmed as of this cycle.

1 further periodic run re-emitted the standing brief unchanged and is not shown.

Sources and findings (14)
- T4 · CoinDesk[Canadian Securities Administrators (CSA)](https://www.coindesk.com/policy/2021/09/27/gary-gensler-you-should-be-watching-how-canada-is-regulating-coinbase) — Client contractual claims on exchange-held crypto ('crypto contracts') as securities, regardless of whether the underlying crypto asset is itself a security, bringing exchanges such as Coinbase and Kraken under provincial securities registration.
- T4 · The Block[CSA and IIROC](https://www.theblock.co/linked/100245/canadian-securities-regulators-clarify-framework-for-crypto-platforms) — An interim, time-limited 'restricted' dealer/marketplace registration category for crypto trading platforms, conditional on no leverage/margin, pending transition to a long-term registration solution.
- T4 · CoinDesk[CSA](https://www.coindesk.com/policy/2023/02/22/canadian-crypto-trading-platforms-face-enhanced-rules-under-new-regulations) — Unregistered crypto trading platforms operating in Canada to commit, via the enhanced pre-registration undertaking (PRU), to custody segregation, a ban on margin/leverage, and a ban on selling stablecoins without CSA permission, while pursuing full registration, or to exit the Canadian market.
- T4 · CoinDesk[FINTRAC](https://www.coindesk.com/policy/2025/09/25/kucoin-faces-usd14m-canadian-action-in-registration-money-laundering-controls-dispute) — Peken Global Limited (KuCoin), a Seychelles-based virtual currency dealer, for failing to register as a foreign money services business and for reporting failures on large and suspicious transactions involving Canadian clients.
- T4 · CoinDesk[Coinbase Canada](https://www.coindesk.com/policy/2026/07/28/coinbase-wants-to-be-canada-s-everything-exchange-but-says-clearer-rules-are-needed-first) — Codification of current CSA exemptive-relief practice into a single harmonized national instrument across provincial securities regulators, describing the present regime as predominantly consultative with only limited pilot-project relief.
- T1 · Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)[FINTRAC](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-10-22-eng) — On 16 October 2025 (public notice 22 October 2025), FINTRAC imposed a record CA$176,960,190 (CA$176.9M) administrative monetary penalty on Xeltox Enterprises Ltd. (operating as Cryptomus, formerly Certa Payments Ltd.) for 2,593 violations across 6 contravention types under Part 1 of the PCMLTFA, including 1,068 unfiled suspicious transaction reports in July 2024, 7,557 unreported virtual currency transactions originating from Iran (July–December 2024) contrary to the Ministerial Directive on Iran, and 1,518 unreported large virtual currency transactions of $10,000 or more (under appeal to the Federal Court).
- T1[CIRO Digital Asset Custody Framework](https://www.ciro.ca/newsroom/publications/notice-ciros-digital-asset-custody-framework) — CIRO Dealer Members operating a CTP must hold client crypto assets with CIRO-approved digital asset custodians (tiered Tier 1-4) or under internal custody capped at 20% of client+proprietary crypto asset value.
- T1[NI 81-102 Part 6 custody requirements (Public Crypto Asset Funds)](https://www.asc.ca/securities-law-and-policy/-/media/A8A1E1F8279747BEBCD286CDA82409C0.ashx) — Public crypto asset funds must hold portfolio assets including crypto assets with custodians/sub-custodians qualifying under NI 81-102 ss.6.2 and 6.3.
- T1[Joint CSA/IIROC Staff Notice 21-330](https://www.osc.ca/sites/default/files/2021-09/csa_20210923_21-330_crypto-trading-platforms.pdf) — Crypto trading platforms must not make false or misleading statements in advertising and marketing, including social media, and must designate a responsible individual for marketing approval.
- T3[Stablecoin Act](https://www.fasken.com/en/knowledge/2026/03/budget-2025-the-bank-of-canadas-mandate-expands-to-stablecoin-and-open-banking-supervision) — registration with the Bank of Canada before issuing fiat-referenced stablecoins to Canadians
- T3[FINTRAC PCMLTF Administrative Penalties Regulations](https://www.fasken.com/en/knowledge/2026/04/fintrac-provides-information-on-recent-changes-to-canadas-aml-regime) — maximum AMP for a very serious violation raised to CAD 20,000,000 (from CAD 500,000), effective for review periods from 26 March 2026
- T3[Xeltox Enterprises Ltd. (Cryptomus)](https://www.jdsupra.com/legalnews/c-176-9-million-fine-against-3955817/) — CAD 176,960,190 administrative monetary penalty imposed by FINTRAC, the largest in FINTRAC history, for 2,593 PCMLTFA violations
- T1[CSA Staff Notice 21-327](https://www.osc.ca/sites/default/files/pdfs/irps/csa_20200116_21-327_trading-crypto-assets.pdf) — a crypto trading platform is generally subject to securities legislation unless the underlying crypto asset is not itself a security/derivative and immediate delivery is obliged
- T1[Ontario Securities Act s.127(1)](https://www.capitalmarketstribunal.ca/sites/default/files/2025-02/rad_20250130_manticore-labs-2.pdf) — Capital Markets Tribunal may impose administrative penalty of up to CAD 1,000,000 per breach for non-compliance with Ontario securities law, applied against unregistered crypto trading platforms

### Canada: C2 Token ClassificationAmberEnacted in forceModule confidence: Probable▾

Token classification continues to hinge on the CSA's judicially untested 'crypto contract' doctrine, which captures exchange-held claims as securities while leaving underlying commodity-type tokens like bitcoin outside the securities perimeter. Stablecoins are separately gated by the VRCA authorization framework, under which USDC is currently the only approved issuer.

Periodic update · new data 2026-10-04

#### Token Classification

Canada's token classification regime continues to operate without a fixed statutory taxonomy, relying instead on CSA staff notices applying a fact-specific securities-perimeter test. Two developments within this module are material this period. First, CSA Staff Notice 21-333 positions value-referenced crypto assets, a category that includes certain fiat-backed tokens, as potentially constituting securities or derivatives, and establishes interim terms for crypto trading platforms offering certain fiat-backed value-referenced crypto assets pending the development of a fuller regulatory framework. This interim regime is explicitly provisional: platforms relying on it should expect the classification boundary to be revisited as the CSA's fuller framework develops, rather than treating the interim terms as a stable long-term position.

Second, and more structurally significant for market classification generally, Joint CSA and CIRO Staff Notice 91-307, effective 27 August 2026, establishes that event contracts based on sports and entertainment events or outcomes should not be regulated within securities and derivatives legislation at all. CIRO staff state they do not consider it appropriate to facilitate dealer-member applications to trade such event contracts going forward, although two CIRO dealer members remain authorised to trade a limited set of such contracts under specific pre-existing terms. This notice draws a clear classification line: sports and entertainment event contracts sit outside the securities and derivatives perimeter, distinguishing them from value-referenced crypto assets, which remain inside that perimeter under the CSA's fact-specific test.

Taken together, these two notices illustrate that Canada's token classification approach remains grounded in substance-over-form analysis conducted notice-by-notice, rather than a codified statutory taxonomy separating token categories in advance. For market participants, this means classification outcomes continue to depend on the specific contractual rights and economic substance of each token or contract type, evaluated against the evolving staff-notice record rather than a fixed rule.

#### Outlook

The CSA's fuller framework for value-referenced crypto assets, referenced as pending in Staff Notice 21-333, is the development most likely to materially change the interim terms currently governing fiat-backed token platforms; no date has been specified for that fuller framework's publication. On event contracts, the classification boundary set by Joint CSA/CIRO Staff Notice 91-307 is now in force and appears settled for the sports and entertainment event-contract category specifically, though further CSA or CIRO guidance addressing other event-contract subject matter cannot be ruled out based on the evidence currently available.

C2 · Token Classification — Full Module Record 0 sub-modules · 180 words · 4 traced claims · Re-verified 2026-11-04

The decision headline, regulatory posture (Amber), primary framework, and supervisory authority above are open on the Free Explore layer. Register free with a business email for 3 full-record passes a month , or unlock all 170 jurisdictions with Pro (£39/mo · £99/mo all products) or Firm (£199/mo · £449/mo all products) .

[Unlock with Free Pass / Sign In](https://a-i.gi/auth/login) [View Pro & Firm Plans (£39 / £199)](https://a-i.gi/licensing/#plans)[View Open Exemplar (Gibraltar)](/jurisdictions/gi/)

### Canada: C3 On-Chain Activity RegimeAmberEnacted in forceModule confidence: Probable▾

Staking is tolerated within regulated custody/ETF wrappers, illustrated by Tetra Trust's custody of Canada's first staking-enabled ether and solana ETFs. DeFi and mining remain unaddressed by dedicated rules; Coinbase Canada has publicly sought a regulated DeFi pathway, arguing only case-by-case exemptions currently apply.

C3 · On-Chain Activity — Full Module Record 0 sub-modules · 180 words · 3 traced claims · Re-verified 2026-11-04

The decision headline, regulatory posture (Amber), primary framework, and supervisory authority above are open on the Free Explore layer. Register free with a business email for 3 full-record passes a month , or unlock all 170 jurisdictions with Pro (£39/mo · £99/mo all products) or Firm (£199/mo · £449/mo all products) .

[Unlock with Free Pass / Sign In](https://a-i.gi/auth/login)[View Pro & Firm Plans (£39 / £199)](https://a-i.gi/licensing/#plans)[View Open Exemplar (Gibraltar)](/jurisdictions/gi/)

### Canada: C4 Stablecoin RegimeAmberEnacted in forceModule confidence: Probable▾

Stablecoin regulation is mid-transition: a federal Stablecoin Act administered by the Bank of Canada has been enacted but its implementing rules and in-force date remain unconfirmed, Budget 2025 reserve/redemption/risk-management commitments are enacted-not-yet-effective, CSA VRCA authorization is already binding for exchange listings, and an Alberta-approved CAD stablecoin (CADD) is live under Tetra Trust.

Horizon · 2027 (± a year) Stablecoin Act comes into force (order-in-council) Adopted, not yet in force · Tier 1 source

Horizon · 2027-01-01 (± a year) Stablecoin Act implementing regulations Adopted, not yet in force · Tier 1 source

Horizon · 2027 (± a year) Stablecoin Act implementing regulations pending Adopted · Tier 1 source

Periodic update · new data 2026-10-25

#### Stablecoin Regime

Canada's stablecoin regime moved decisively from indirect securities-law gating toward direct federal supervision. On 24 October 2026, the Canada Gazette published draft Stablecoin Regulations operationalising the Stablecoin Act, which received royal assent on 26 March 2026. The draft text requires non-financial-institution issuers of fiat-backed stablecoins offered to Canadians — whether based domestically or abroad — to register with the Bank of Canada as a precondition to issuance; banks and credit unions are carved out of this specific registration track, presumably on the basis of their existing prudential supervision.

Substantively, registered issuers must hold reserve assets at a 1:1 ratio in high-quality liquid assets against outstanding stablecoins, a straightforward full-backing requirement aimed at ensuring redemption capacity. Redemption itself is capped procedurally and financially: issuers must honour redemption requests within a maximum of three business days, and may charge no more than 1% of the redemption amount as a fee — a ceiling trade press frames as designed to avoid excluding smaller Canadian issuers, set against a current market norm closer to 0.1%. A yield ban is imposed on holding-based returns to stablecoin holders, though the draft framework permits a carve-out for transaction-linked rewards, distinguishing between passive income-sharing arrangements (prohibited) and rewards tied to active use of the token (permitted).

The draft regulations are presently at consultation stage only: a 60-day comment period runs to 23 December 2026, and the government has targeted an in-force date of fall 2027. Until that date, the regime remains proposed rather than binding, and the interim securities-law gating of value-referenced crypto assets under CSA Staff Notice 21-333 continues to apply in the meantime. A further structural feature of the draft regulations is their amendment of the Retail Payment Activities Regulations to prescribe stablecoins as a 'unit', which would bring payment service providers performing payment functions using prescribed stablecoins within Bank of Canada supervision under the Retail Payment Activities Act — though this extension itself awaits a further Governor-in-Council order before it takes effect.

#### Outlook

The 60-day consultation period, closing 23 December 2026, is the determinative near-term event: submissions received during this window may alter the registration, reserve, redemption or fee terms before the regulations are finalised. Market participants should also track whether and when the Governor-in-Council issues the commencement order required to activate the Retail Payment Activities Regulations extension to stablecoin-moving PSPs, since that supervisory leg remains dormant even once the core issuer-registration regime proceeds toward its targeted fall 2027 in-force date.

Periodic update · new data 2026-10-04

#### Stablecoin Regime

Canada's Stablecoin Act was enacted as part of the Budget 2025 Implementation Act, which received Royal Assent on 26 March 2026. The Act establishes regulatory requirements for stablecoin issuers but comes into force only on a day fixed by order of the Governor in Council, contingent on the publication of implementing regulations that have not yet been issued. This places the Act in an enacted-not-yet-effective status: the statutory framework exists, but its substantive content, including reserve-asset composition requirements, redemption-rights standards, and disclosure obligations for issuers, is not yet operative and has not been detailed in implementing regulations as at this cycle.

This status creates a notable gap between the existence of a dedicated federal stablecoin statute and the practical regulatory treatment of stablecoin issuers operating in Canada today. In the absence of commencement, stablecoin issuers fall under FINTRAC's general money-services-business framework for virtual-currency dealers, a general-purpose AML registration and reporting regime not tailored to stablecoin-specific risks such as reserve adequacy or redemption guarantees. The enactment of a dedicated statute signals clear legislative intent to close this gap, but the absence of implementing regulations means the timeline for doing so remains unresolved.

The Department of Finance Canada and the Governor in Council hold responsibility for fixing the commencement date, and no indicative timeline beyond a general expectation has been identified this cycle. This is consistent with a broader pattern in Canadian financial-sector legislation of separating enactment from commencement to allow time for regulatory design, but it leaves market participants without certainty as to when, or under what specific terms, the dedicated stablecoin regime will become operative.

#### Outlook

Commencement remains contingent on the Governor in Council fixing a date following publication of implementing regulations; as scheduled, no specific date is yet confirmed. Until then, general FINTRAC MSB registration and reporting obligations continue to apply to stablecoin issuers and other virtual-currency businesses operating in Canada. Market participants planning for Canadian stablecoin issuance should monitor for the publication of implementing regulations, which will likely specify reserve, redemption, and disclosure requirements before any commencement order is made.

Periodic update · new data 2026-09-28

#### Stablecoin Regime

The Stablecoin Act, enacted via Bill C-15 and given Royal Assent on March 26, 2026, establishes Canada's first dedicated stablecoin regulatory framework. The Bank of Canada is designated as supervisor, with a stated focus on ensuring stablecoins are fully backed by high-quality liquid assets, redeemable at par value, and issued in a way that protects users and the financial system. The Act imposes a 1:1 reserve requirement using high-quality liquid assets held under appropriate custody safeguards, mandates at-par redemption, and prohibits the payment of interest or yield to stablecoin holders.

Critically, the Act is enacted but not yet in force. Full commencement is anticipated around 2027, contingent on a Governor-in-Council order, with draft implementing regulations expected to be published in the Canada Gazette. The exact commencement date is not yet known, and this remains the principal open item for the regime.

This regime sits in an emerging trajectory: it represents a materially new, prudentially-focused stablecoin architecture layered onto Canada's existing crypto-regulatory environment, but its practical effect on issuers and the market will not be felt until the order-in-council and implementing regulations are made.

#### Outlook

The central milestone is the Governor-in-Council order bringing the Stablecoin Act into force, expected around 2027. Publication of draft implementing regulations in the Canada Gazette would be the next visible step and would clarify the reserve, custody and redemption mechanics ahead of full commencement.

C4 · Stablecoins & EMTs — Full Module Record 0 sub-modules · 180 words · 8 traced claims · Re-verified 2026-11-04

The decision headline, regulatory posture (Amber), primary framework, and supervisory authority above are open on the Free Explore layer. Register free with a business email for 3 full-record passes a month , or unlock all 170 jurisdictions with Pro (£39/mo · £99/mo all products) or Firm (£199/mo · £449/mo all products) .

[Unlock with Free Pass / Sign In](https://a-i.gi/auth/login)[View Pro & Firm Plans (£39 / £199)](https://a-i.gi/licensing/#plans)[View Open Exemplar (Gibraltar)](/jurisdictions/gi/)

### Canada: C5 Consumer ProtectionAmberEnacted in forceModule confidence: Probable▾

CIRO's tiered Digital Asset Custody Framework and the CSA's enhanced pre-registration undertaking custody-segregation requirement are the two binding consumer-protection pillars this cycle. A proposed nationwide crypto ATM ban, motivated by FINTRAC fraud/money-laundering findings, remains unenacted, and industry commentary describes CIRO's framework as expressly interim.

Open gap — crypto-int-2 The CIRO Digital Asset Custody Framework's primary regulator notice was not independently retrieved this cycle; the claim relies on a secondary summary. cross_border_transfer is a structurally thin module across the crypto estate per methodology bias-correction guidance; this gap should be prioritised for backfill.

#### Consumer Protection

Consumer protection in Canada's crypto regime rests on two binding pillars and one unresolved proposal. First, the Canadian Investment Regulatory Organization has introduced a tiered, risk-based Digital Asset Custody Framework for regulated crypto trading platforms, explicitly citing the QuadrigaCX collapse as motivation -- a direct regulatory response to a well-known Canadian custodial-failure precedent. Second, under the CSA's enhanced pre-registration undertaking, exchanges are required to segregate cash, securities and non-security crypto assets held for Canadian clients in a designated trust account or with an Acceptable Third-Party Custodian, giving custody-segregation obligations a binding, enforceable form even for platforms still operating under interim or exemptive registration status.

Legal and industry commentary this cycle characterizes CIRO's custody framework as expressly interim guidance, and notes that CSA relief for novel crypto business models remains limited to case-by-case pilot-project exemptions rather than a settled consumer-protection regime -- a non-normative but corroborating signal that consumer protections, while real and binding in specific respects, are still being built out rather than finalized.

The unresolved proposal is a nationwide ban on bitcoin and other crypto ATMs, floated by the federal government in its Spring Economic Update and justified by reference to FINTRAC findings that the machines have become a primary vector for fraud and money laundering targeting Canadian consumers. This proposal's current enactment status could not be confirmed from the evidence gathered this cycle, and it should be treated as a live but unresolved policy signal rather than a settled rule.

As with several other modules this cycle, the custody-framework and pre-registration-undertaking claims were downgraded from Confirmed to Probable confidence following the systemic Tier-4-sourcing correction, reflecting the absence of retrieved Tier-1-to-Tier-3 primary material despite the materiality-5 status of both claims.

#### Outlook

The custody-and-segregation pillar of Canadian consumer protection appears durable and likely to tighten further given its direct lineage to the QuadrigaCX collapse, a precedent regulators continue to cite explicitly. The crypto ATM ban is the single most consequential near-term unknown in this module: its enactment would represent a significant tightening of retail-facing consumer protection, while its abandonment or indefinite delay would leave a consumer-fraud vector regulators have themselves flagged as significant. Direct review of subsequent federal budget and legislative filings is the priority action to resolve this open question.

Read full sub-brief · 373 words Periodic update · new data 2026-10-25

#### Consumer Protection

Consumer-protection developments in Canada's crypto-asset sector centre on custody practice at registered trading platforms. CIRO's 2026 Digital Asset Custody Framework is reported to require registered firms providing crypto-asset custody to use segregated wallets for client assets and to maintain documented custody and risk-control procedures. This would represent a tightening of operational expectations for platforms holding client crypto-assets, consistent with the broader regulatory direction of treating custodial crypto-asset services as requiring the same rigour expected of other regulated custodial arrangements.

This claim should be read with an evidentiary caveat: the primary CIRO notice establishing the framework was not independently retrieved, and the finding rests on a secondary summary rather than the regulator's own publication. The underlying requirement for segregated wallets and documented risk controls is plausible and consistent with CIRO's existing supervisory posture toward registered crypto-asset trading platforms, but the precise scope, effective date and enforcement mechanism of the custody framework have not been independently confirmed against CIRO's own text.

Separately, the consumer-facing redemption protections embedded in the draft Stablecoin Regulations — the three-business-day redemption window and the 1% fee cap — function as a consumer-protection backstop for retail holders of registered stablecoins, though these provisions remain at consultation stage rather than in force, and apply specifically to the stablecoin product category rather than to crypto-asset custody more broadly.

#### Outlook

Confirmation of the CIRO Digital Asset Custody Framework against CIRO's own primary notice is the priority item for the next research pass, given the current reliance on a secondary summary. Once the draft Stablecoin Regulations' redemption and fee protections move from consultation toward their targeted fall 2027 in-force date, the consumer-protection picture for Canadian stablecoin holders specifically will strengthen materially; until then, the custody-framework claim and the stablecoin redemption protections should both be treated as still-developing rather than fully settled consumer protections.

1 further periodic run re-emitted the standing brief unchanged and is not shown.

Sources and findings (9)
- T4 · CoinDesk[Canadian Investment Regulatory Organization (CIRO)](https://www.coindesk.com/policy/2026/02/03/canada-s-investment-regulator-rolls-out-crypto-custody-rules-to-avoid-another-quadrigacx) — A tiered, risk-based Digital Asset Custody Framework for regulated crypto trading platforms, citing the QuadrigaCX collapse as motivation.
- T4 · CoinDesk[CSA](https://www.coindesk.com/policy/2023/02/22/canadian-crypto-trading-platforms-face-enhanced-rules-under-new-regulations) — Exchanges to segregate cash, securities and non-security crypto assets held for Canadian clients in a designated trust account or with an Acceptable Third-party Custodian, under the enhanced pre-registration undertaking.
- T4 · CoinDesk[Government of Canada (Liberal government)](https://www.coindesk.com/markets/2026/04/29/canada-proposes-ban-on-bitcoin-atms-as-fraud-cases-mount) — A nationwide ban on bitcoin and other crypto ATMs in its Spring Economic Update, citing FINTRAC findings that the machines have become a primary vector for fraud and money laundering.
- T4 · CoinDesk[Legal/industry commentary](https://www.coindesk.com/policy/2026/07/28/coinbase-wants-to-be-canada-s-everything-exchange-but-says-clearer-rules-are-needed-first) — CIRO's custody framework as expressly interim guidance, alongside only limited CSA exemptive relief for pilot projects.
- T3[CIRO](https://coinpedia.org/cryptocurrency-regulation/crypto-regulations-in-canada/) — CIRO's 2026 Digital Asset Custody Framework requires registered firms providing crypto-asset custody to use segregated wallets and maintain documented custody and risk controls.
- T1[CSA Staff Notice 21-332 (Pre-Registration Undertaking)](https://www.osc.ca/sites/default/files/2023-02/csa_20230222_21-332_crypto-trading-platforms-pre-reg-undertakings.pdf) — An unregistered CTP operating under a PRU must hold Canadian client cash and crypto assets separate and apart from its own property, in trust, with a qualified custodian/sub-custodian and may not pledge or re-hypothecate client crypto assets.
- T3[Joint CSA/IIROC Staff Notice 21-329](https://www.osler.com/en/insights/updates/decoding-crypto-providing-regulatory-clarity-to-cryptoasset-businesses/) — Registered CTPs must provide clients with a Risk Disclosure Statement and a separate Crypto Asset Statement for each crypto asset before a client purchases it.
- T1[OBSI dispute resolution (NI 31-103)](https://www.securities-administrators.ca/investor-tools/investing-basics/getting-your-money-back/) — Registered dealers outside Québec, including restricted-dealer crypto platforms, must make OBSI's independent dispute resolution service available; OBSI can recommend compensation up to CAD 350,000.
- T3[OBSI Joint Regulators Committee](https://stikeman.com/en-ca/kh/canadian-securities-law/obsi-joint-regulators-committee-releases-annual-report-for-2022) — The JRC observed an increase in complaints against restricted dealers for crypto assets, mostly relating to fraud where a client was coerced into granting a third party account access.

### Canada: C6 Tax TreatmentAmberEnacted in forceModule confidence: Probable▾

Underlying capital-gains/barter tax characterization of crypto transactions is settled, but the CRA has acknowledged an enforcement/identification gap, prompting compelled-disclosure litigation (Dapper Labs) and a proposed dedicated Financial Crimes Agency and tax-evasion legislation whose enactment status is unconfirmed.

Horizon · 2026-Q2 (± a quarter) Dedicated Financial Crimes Agency and crypto-tax-evasion legislation targeted for introduction Proposed · Tier 4 source

Horizon · 2027 (± a year) First CARF RCASP XML reports due to CRA Adopted, not yet in force · Tier 4 source

Periodic update · new data 2026-10-04

#### Tax Treatment

The OECD Crypto-Asset Reporting Framework took effect in Canada on 1 January 2026, imposing new tax-information-reporting duties on crypto-asset service providers operating in the jurisdiction. CARF requires reporting crypto-asset service providers to collect information on their customers and report on relevant crypto-asset transactions, enabling automatic exchange of this information between tax authorities internationally, consistent with the framework's design as an extension of existing financial-account reporting standards into the crypto-asset space.

The commencement date of 1 January 2026 is well-attested across secondary commentary, though the Canada Revenue Agency's own implementing legislative or administrative text was not independently retrieved this cycle. This means the precise scope of which entities qualify as reporting crypto-asset service providers under the Canadian implementation, and the specific transaction types and reporting thresholds involved, has not been independently confirmed at primary-source level. The direction and timing of the obligation, however, rest on a reasonably consistent secondary record.

For crypto-asset service providers operating in or serving Canadian customers, CARF's commencement represents a new compliance-reporting obligation layered on top of existing securities-registration and AML requirements already applicable to many such providers. This adds a third reporting channel, tax-information exchange, alongside securities-regulatory reporting to the CSA/CIRO and AML/CTF reporting to FINTRAC, each with its own scope, triggers, and reporting authority.

#### Outlook

Independent confirmation of the Canada Revenue Agency's implementing guidance and administrative practice for CARF reporting would strengthen confidence in the precise scope of affected entities and transaction types. As the framework is now in force, the near-term focus for affected service providers is likely to be practical implementation of the required customer due-diligence and reporting processes rather than further legislative change to the underlying obligation.

Periodic update · new data 2026-09-28

#### Tax Treatment

Canada's tax-reporting framework for crypto assets continues to move toward operational implementation of the Crypto-Asset Reporting Framework (CARF). Reporting Crypto-Asset Service Providers - a category encompassing exchanges, brokers, wallet providers and certain DeFi platforms - are expected to make their first annual XML report submissions to the Canada Revenue Agency for the 2026 calendar year, with those submissions expected in 2027. Cross-border automatic exchange of this information under the OECD network is expected to begin in the 2027-2028 period.

This finding rests on a single lower-tier commercial vendor source, and primary CRA guidance on the specific reporting mechanics and submission timeline has not yet been retrieved to corroborate it. The trajectory is nonetheless one of continuing implementation rather than a new policy direction: CARF adoption in Canada has been understood as proceeding, and this cycle's finding is consistent with that expected timeline rather than representing a change in direction.

#### Outlook

The next visible milestone is the first RCASP XML report submission to the CRA, expected in 2027 for the 2026 calendar year, followed by the start of cross-border automatic exchange under the OECD network in 2027-2028. Corroboration against primary CRA guidance would raise confidence in the specific submission timeline currently resting on a single vendor source.

C6 · Tax Treatment — Full Module Record 0 sub-modules · 180 words · 8 traced claims · Re-verified 2026-11-04

The decision headline, regulatory posture (Amber), primary framework, and supervisory authority above are open on the Free Explore layer. Register free with a business email for 3 full-record passes a month , or unlock all 170 jurisdictions with Pro (£39/mo · £99/mo all products) or Firm (£199/mo · £449/mo all products) .

[Unlock with Free Pass / Sign In](https://a-i.gi/auth/login)[View Pro & Firm Plans (£39 / £199)](https://a-i.gi/licensing/#plans)[View Open Exemplar (Gibraltar)](/jurisdictions/gi/)

### Canada: C7 Cross-Border TransferAmberEnacted in forceModule confidence: Probable▾

FINTRAC foreign-MSB enforcement (Binance, KuCoin/Peken Global) and the corrected 2022 Emergencies Act sanctions-freeze precedent are confirmed cross-border transfer-control mechanisms. A Canada-specific crypto travel-rule threshold under PCMLTFR remains unverified.

C7 · Cross-Border & Travel Rule — Full Module Record 0 sub-modules · 180 words · 5 traced claims · Re-verified 2026-11-04

The decision headline, regulatory posture (Amber), primary framework, and supervisory authority above are open on the Free Explore layer. Register free with a business email for 3 full-record passes a month , or unlock all 170 jurisdictions with Pro (£39/mo · £99/mo all products) or Firm (£199/mo · £449/mo all products) .

[Unlock with Free Pass / Sign In](https://a-i.gi/auth/login)[View Pro & Firm Plans (£39 / £199)](https://a-i.gi/licensing/#plans)[View Open Exemplar (Gibraltar)](/jurisdictions/gi/)

### Canada: C8 AML/CFT RegimeGreenEnacted in forceModule confidence: Probable▾

This module's surface (FINTRAC VASP supervisory activity under the PCMLTFA) is subscribed from financial-integrity per fleet architecture. No original AML/CFT analysis is performed within the crypto monitor; FINTRAC enforcement facts material to crypto exchanges are instead surfaced under crypto_licensing and cross_border_transfer.

C8 · AML/CFT Regime — Full Module Record 0 sub-modules · 180 words · 2 traced claims · Re-verified 2026-11-04

The decision headline, regulatory posture (Green), primary framework, and supervisory authority above are open on the Free Explore layer. Register free with a business email for 3 full-record passes a month , or unlock all 170 jurisdictions with Pro (£39/mo · £99/mo all products) or Firm (£199/mo · £449/mo all products) .

[Unlock with Free Pass / Sign In](https://a-i.gi/auth/login)[View Pro & Firm Plans (£39 / £199)](https://a-i.gi/licensing/#plans)[View Open Exemplar (Gibraltar)](/jurisdictions/gi/)

### Canada: C9 Commercial Activity unpopulated ▾

## Commercial Activity

Canada's crypto commercial-activity picture this cycle is dominated by one matter: FINTRAC's Notice of Violation against Peken Global Limited, operating as the KuCoin exchange, dated 31 March 2025, for failing to register as a foreign money-services business, failing to report large virtual-currency transactions, and failing to file suspicious transaction reports. The penalty was reported at approximately USD 14.09 million, or roughly CAD 19.5 to 20 million, and remains under appeal to the Federal Court of Canada, unresolved as of 11 October 2026. This is both an enforcement matter and a commercial one: it represents the clearest signal this cycle of FINTRAC's willingness to apply large penalties to foreign-domiciled crypto exchanges operating in the Canadian market without local registration, and the unresolved appeal means its precedential weight for other offshore exchanges serving Canadian users is not yet settled. No other disclosed commercial transaction, such as an acquisition, financing round, or material partnership involving a Canada-nexus crypto entity, was identified within the one-year window this cycle. — Outlook: The Federal Court of Canada's eventual ruling on Peken Global's appeal is the single development most likely to clarify the practical reach of FINTRAC's registration and reporting requirements against foreign-domiciled exchanges serving Canadian users, and its outcome will likely shape how other offshore platforms assess their own Canadian-market compliance exposure.

Periodic update · new data 2026-10-25

#### Commercial Activity

Stake Canada Ltd, a crypto-adjacent gaming brand, registered on the Alberta Gaming, Liquor and Cannabis Commission's list of registered Alberta iGaming operators and targeted a regulated launch date of 12 October 2026 — just ahead of Alberta's 13 October 2026 iGaming transition deadline. Registration on the AGLC list alone did not permit the operator to take wagers: a signed operating agreement with the Alberta iGaming Corporation (AiGC) was additionally required before wagering could commence, and the entry is reported as an announced market entry rather than a confirmed live launch.

This development illustrates how a crypto-sector-adjacent operator is navigating a conventional provincial gambling-licensing gate rather than a crypto-specific regulatory requirement, and it sits at the intersection of this monitor's commercial-activity tracking and Alberta's iGaming regulatory transition. No valuation, investment amount or transaction value was disclosed in connection with this market entry.

#### Outlook

Whether Stake Canada Ltd's registration converted into a signed AiGC operating agreement and an actual live Alberta launch following the 13 October 2026 deadline is the open item to confirm in a subsequent cycle. Continued monitoring of crypto-native or crypto-adjacent brands entering provincially regulated Canadian gaming markets may surface further commercial-activity signal as Alberta's competitive licensing environment continues to expand.

Sources and findings (2)
- T2[FINTRAC / Peken Global Limited (KuCoin)](https://www.theglobeandmail.com/business/article-fintrac-issues-nearly-20-million-penalty-against-crypto-exchange/) — Notice of Violation 31 March 2025 for failing to register as a foreign MSB, failing to report large virtual-currency transactions, and failing to file suspicious transaction reports; penalty reported USD 14.09M / CAD ~19.5-20M; appeal to Federal Court of Canada unresolved as of 2026-10-11.
- T3[Stake Canada Ltd](https://scieron.com/open-igaming-market-what-canadas-second-regulated-province-means-for-players.html) — Stake Canada Ltd registered with the AGLC's list of registered Alberta iGaming operators and targeted an Oct 12, 2026 regulated launch; registration alone did not permit wagering until a signed AiGC operating agreement was in place.