--- title: "Quebec, Canada Crypto Regulation Monitor | cryptoassets.gi" canonical: https://cryptoassets.gi/jurisdictions/quebec-canada/ source_html: /jurisdictions/quebec-canada/index.html description: "Quebec, Canada crypto asset regulation: 9 categories, 49 sourced findings, updated 2026-11-04. Licensing, token classification, stablecoins, tax treatment." generated_at: 2026-11-07T14:19:44Z content_sha256: ff24886c4a327060b327b55b337be3d2ba3a82d4ce8e238b02fa67a61ff9e91c generator: "fe-fleet/md-twin@1.0" --- # Quebec, Canada Crypto & Digital Asset Regulation schema crypto-v2.0.0 trajectory: not yet assessed in transition overlaps: [Sentinel (AML/CFT)](https://sentinel.gi/jurisdictions/quebec-canada/), [World Payments](https://payments.gi/jurisdictions/quebec-canada/) Last updated 2026-11-04 · 9 categories · 49 sourced findings · 37 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=QUEBEC-CANADA)[Build Report](/reports/?j=QUEBEC-CANADA)[Compare](/compare/?j=QUEBEC-CANADA) Framework posture In transition 8 of 9 modules populated · AI-synthesised · Tier-1/2 verified Lead supervisory authority The Block Primary statutory & supervisory perimeter Next milestone (> 2026-10-26) 2026-12-23 Stablecoin Act draft regulations consultation closes 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 5 Open gaps 49 Findings 0 Tier-1 sources Confidence mix 9 unpopulated (sums to 9 rendered categories; click to filter) No categories moved this cycle. Canada federal law that applies in Quebec, Canada is covered once, on the [Canada](/jurisdictions/canada/) page. This page covers Quebec, Canada’s own layer: its own law, regulators and enforcement. ## Jurisdiction lead brief ###### Latest update · 4 November 2026 #### Lead Signal Quebec residents are now directly within the scope of a new national prudential regime for fiat-referenced stablecoins. On 24 October 2026 the federal Department of Finance published draft implementing regulations under the Stablecoin Act in the Canada Gazette, opening a sixty-day consultation that closes 23 December 2026. The draft would require a fiat-referenced stablecoin issuer that is not already prudentially regulated, and whose product reaches Canadians including Quebec residents, to register with the Bank of Canada, hold one-to-one reserves inside Canada, offer at-par redemption, and refrain entirely from paying yield to holders. None of this is yet in force. It is a proposal open for comment, not a commencement, and the Bank of Canada has not published registration criteria or a supervisory start date. For any issuer or intermediary whose product reaches Quebec consumers, the practical window for influencing the final reserve, redemption and registration terms is the consultation period itself. #### Other Developments The pre-existing three-track structure for crypto businesses operating in Quebec continues unchanged alongside the stablecoin development. A crypto-ATM operator or money-services crypto business serving Quebec residents holds a Revenu Quebec Money-Services Businesses Act licence, layered on federal FINTRAC registration, and a platform offering products that constitute securities or derivatives, such as leveraged crypto contracts or crypto ETFs, separately registers with the Autorite des marches financiers or secures an exemption. None of these three tracks has moved; they sit as the baseline against which the new stablecoin track is additive rather than substitutive. #### Cross-Monitor Connections The stablecoin consultation sits squarely in prudential and payments territory, since its substance, reserve requirements, redemption guarantees and a registration regime run through the Bank of Canada, rather than through securities or money-laundering channels. No gambling-sector overlap was identified for the Quebec record. #### Outlook The consultation period running to 23 December 2026 is the determinative near-term event: its outcome will fix the reserve, redemption and yield terms that stablecoin issuers serving Quebec residents must meet, and will determine whether registration becomes mandatory for non-prudentially-regulated issuers on a timeline the Bank of Canada has not yet announced. Until the regulations are finalised, the standing three-track licensing structure for Quebec crypto businesses remains the only binding regime in effect. 1 earlier update not shown here. ###### Standing brief · as of 4 September 2026 Written before the update above. Where they differ, the update is the more recent position. #### Lead Signal Quebec's forward-looking digital-asset supervisory architecture advanced materially this cycle with the federal Stablecoin Act's Royal Assent on 26 March 2026. The Act designates the Bank of Canada as primary supervisor of non-bank fiat-referenced stablecoin issuers serving Canadians, including those serving Quebec residents, and establishes a mandatory public registry requirement. Implementing regulations remain pending, so the mandate is enacted but not yet effective: the supervisory obligation exists in law while the practical registration and compliance mechanics await finalisation. This sits alongside Quebec's existing interim characterisation regime, under which the Canadian Securities Administrators treat fiat-backed value-referenced crypto assets as generally meeting the definition of a security or derivative on an interim basis, pending the longer-term federal framework the Stablecoin Act now begins to supply. #### Other Developments AMF investor-warning activity against an unregistered platform. The AMF issued an investor-warning notice on 22 August 2025 against CapricornX, an unregistered crypto platform targeting Quebec investors. This action was sourced through a Tier-4 aggregator (the New Brunswick Financial and Consumer Services Commission) rather than the AMF's own primary publication, and confidence is accordingly held at Probable rather than Confirmed. It nonetheless illustrates the reactive character of Quebec's consumer-protection posture toward unregistered crypto platforms: warnings issued after a platform is identified as targeting Quebec investors, rather than a proactive product-level consumer-protection framework specific to crypto assets. #### Cross-Monitor Connections The Stablecoin Act's Bank of Canada supervisory mandate connects directly to the Financial Integrity monitor's D5 and D7 tracking of Quebec's AML/CTF and digital-asset architecture, since the same enacted-but-pending framework will eventually impose AML-relevant registration obligations on stablecoin issuers. It also connects to the World Payments monitor's stablecoin and digital-money domain, given the payments-rail implications of a federally supervised, publicly registered stablecoin-issuer population. Neither monitor's specific analytical framing is reproduced here; this brief limits itself to the crypto-regulatory characterisation of the same underlying developments. #### Outlook The implementing regulations for the Stablecoin Act, expected in 2027, are the key marker to track, since they will convert the enacted Bank of Canada supervisory mandate into an operational registration and compliance requirement for stablecoin issuers serving Quebec. Separately, whether the AMF's investor-warning activity against platforms like CapricornX evolves into a more systematic consumer-protection framework specific to crypto assets, rather than case-by-case reactive warnings, is worth monitoring in coming cycles. Read full brief · 780 words Key regulatory facts for Quebec, Canada Regulatory Dimension Quebec, Canada Standing Position Jurisdiction Quebec, Canada (CA-QC) Regulatory Scope Crypto & Digital Asset Regulation (9 modules, 49 sourced findings) Crypto Licensing Crypto trading platforms serving Quebec residents fall under a dual layer: (1) the province's Autorité des marchés financiers (AMF), which since the early-2010s has required virtual-currency ATM operators and trading... Token Classification Canada does not classify bitcoin or similar cryptocurrencies as securities in themselves, but the CSA has created the 'crypto contract' concept whereby a customer's claim to crypto held by a platform is deemed a... On-Chain Activity Regime On-chain activity-specific rulemaking (staking, DeFi, node operation) remains largely undeveloped nationally and in Quebec specifically. Stablecoin Regime Following Budget 2025's commitment, Canada's federal Stablecoin Act was enacted in 2026, requiring issuers to hold adequate reserves, establish redemption policies, and implement risk-management frameworks, with the... Primary Instruments Cited The Block, CoinDesk, The Block, CoinDesk, Money-Services Businesses Act (Loi sur les entreprises de services monetaires) Last Confirmed / Updated 2026-11-04 (37 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. ### Quebec, Canada: C1 Crypto LicensingAmberEnacted in forceModule confidence: Probable▾ Crypto trading platforms serving Quebec residents fall under a dual layer: (1) the province's Autorité des marchés financiers (AMF), which since the early-2010s has required virtual-currency ATM operators and trading platforms to hold a licence under the Money-Services Businesses Act, and (2) the pan-Canadian CSA/CIRO securities-law regime, under which platforms holding client crypto assets must register (or hold a pre-registration undertaking) as restricted dealers/marketplaces. As of mid-2026 the overall national architecture remains interim: CSA has issued only limited exemptive relief for pilot projects and CIRO's new custody framework is expressly described as interim guidance, with no bespoke comprehensive statute yet covering derivatives, DeFi or broader tokenized-asset activity. Horizon · 2026-07-04 (± a quarter) AMF-to-CIRO functional transfer of mutual fund dealer oversight completes Adopted, not yet in force · Tier 3 source #### Crypto Licensing Quebec crypto-asset trading platforms remain governed by the pan-Canadian Canadian Securities Administrators framework rather than any bespoke provincial statute. Under CSA Staff Notice 21-327, platforms must register as a dealer (restricted dealer, or, since the pre-registration undertaking route closed on 6 August 2024, as a full CIRO Investment Dealer) or obtain exchange recognition. The PRU route closure is the single most consequential structural fact in the current licensing posture: it removed the interim-undertaking pathway that had allowed platforms to operate while working toward full registration, meaning new entrants and platforms previously operating on PRUs must now meet full registration or recognition standards directly. Layered on top of the settled registration framework is an administrative transition in supervisory responsibility. The Autorite des marches financiers' supervisory functions over Quebec mutual fund dealers, and more broadly over CIRO-eligible firms, are being delegated to CIRO's Montreal staff, with full functional transfer targeted for around 4 July 2026. This is a transitional regime affecting how registrant oversight is exercised day to day rather than a change in the substantive registration requirements themselves; the AMF retains its formal regulatory role while CIRO absorbs more of the operational supervisory function. The distinction matters for registrants and prospective entrants: the body issuing day-to-day examination findings and handling registrant queries is shifting even though the underlying registration categories and standards under CSA Staff Notice 21-327 and National Instrument 31-103 remain unchanged. Enforcement history forms part of the licensing backdrop. The AMF previously imposed a penalty understood to be in the region of CAD$2 million against CoinEx Global for unauthorised securities activity in Quebec, and reporting indicates the AMF is still working to recover amounts owed. The precise decision text and collection status have not been independently verified against the AMF's own enforcement record this cycle, and this finding is treated as uncertain accordingly. It nonetheless illustrates that the registration requirement under CSA Staff Notice 21-327 carries a live enforcement dimension against platforms that operate in Quebec without appropriate registration or recognition. Taken together, the licensing environment for crypto-asset trading platforms in Quebec is structurally settled -- the registration categories and the end of the PRU interim pathway are clear -- but administratively in transition, with the AMF-to-CIRO functional handover still in progress and enforcement collection against at least one unauthorised platform still unresolved. #### Outlook The completion of the AMF-to-CIRO functional transfer around 4 July 2026 is the primary item to track on this module. Its completion would mean CIRO's Montreal staff hold full examination and registration responsibility for Quebec mutual fund dealers and CIRO-eligible firms, a change in administrative locus of supervision rather than in substantive registration standards. No indication was found this cycle of a prospective amendment to CSA Staff Notice 21-327 itself or to the underlying National Instrument 31-103 framework applicable to crypto-asset trading platforms. The unresolved CoinEx Global collection matter may also develop further, though its current status rests on secondary reporting rather than a primary AMF enforcement decision. Read full sub-brief · 495 words Periodic update · new data 2026-10-25 #### Crypto Licensing Quebec's crypto-licensing framework is best understood as three separate tracks that a given firm may need to navigate simultaneously rather than a single coordinated regime. The securities track runs through the province's financial-markets regulator and the national self-regulatory body for investment dealers, under the province's Securities Act, and governs platforms whose activity is characterised as trading or dealing in securities or derivatives. The provincial money-services-business track runs through the province's tax authority under the money-services-businesses statute, and as of 1 April 2025 carries its own distinct licence category specifically for the operation of cryptoasset ATMs - a category separate from the one covering conventional cash-dispensing ATM operation. The third track consists of prudential guidance issued by the financial-markets regulator, bearing on regulated institutions' own exposure to crypto assets rather than on market-facing licensing. The cryptoasset-ATM licensing requirement is the clearest, most concretely dated element confirmed this period: it is a primary-source confirmation, directly from the tax authority's own guidance on money-services categories, that cryptoasset-ATM operation has required this distinct licence since 1 April 2025. For an operator, this means that running a cryptoasset ATM in the province is not covered by a conventional money-services-business registration; the specific category must be separately obtained. Because the securities-registration question (whether a given platform's activity also triggers dealer or exchange-recognition obligations) turns on the particular structure of the platform's activity rather than on the mere fact of operating a terminal, a cryptoasset-ATM operator may need to assess both the provincial money-services category and the securities-registration question independently, and the two obligations do not substitute for one another. #### Outlook The near-term question is whether the province's securities regulator will issue guidance specifically addressing how its registration requirements interact with the now-confirmed money-services licensing category for cryptoasset ATMs, since at present the two frameworks run on separate statutory tracks with no evident bridging guidance. Absent such coordination, firms operating in this space face two independent compliance paths rather than one integrated one, which is itself a feature of the current regime worth monitoring for change rather than a transitional gap expected to close quickly. Sources and findings (10) - T4[The Block](https://www.theblock.co/amp/post/194500/canadian-regulator-tightens-rules-crypto-trading-platforms) — Unregistered crypto trading platforms serving Canadian clients (including Quebec) must file an enhanced pre-registration undertaking (PRU) committing to custody segregation, a ban on margin/leverage, and restrictions on stablecoin distribution while pursuing full registration. - T3[CoinDesk](https://www.coindesk.com/policy/2026/02/03/canada-s-investment-regulator-rolls-out-crypto-custody-rules-to-avoid-another-quadrigacx) — CIRO's Digital Asset Custody Framework, in force since February 2026, is characterized by outside counsel as interim guidance, reflecting Canada's still-consultative regulatory posture on crypto custody. - T1[Money-Services Businesses Act (Loi sur les entreprises de services monetaires)](https://www.revenuquebec.ca/fr/entreprises/mesures-particulieres/entreprises-de-services-monetaires-esm/categories-de-services-monetaires-liees-aux-cryptoactifs/) — Cryptoasset ATM operation in Quebec requires a Money-Services-Business licence from Revenu Quebec, a distinct service class effective 1 April 2025. - T1[AMF Quebec / crypto-asset trading platforms](https://lautorite.qc.ca/en/general-public/registers/cryptoasset-trading-platforms) — Registration as a dealer (restricted dealer, or full CIRO Investment Dealer since the PRU route closed 6 Aug 2024) or exchange recognition, per CSA Staff Notice 21-327. - T3[AMF Quebec](https://www.blg.com/en/insights/2023/ri/understanding-the-canadian-investment-regulatory-organization-ciro-a-quick-primer) — Supervisory functions over Quebec mutual fund dealers (and CIRO-eligible firms generally) are being delegated to CIRO's Montreal staff, with full transfer targeted for 4 July 2026. - T3[AMF Quebec](https://www.ledevoir.com/economie/813673/amf-tente-toujours-recuperer-4-millions-deux-plateformes-cryptoactifs-etrangeres) — AMF previously imposed a CAD$2 million penalty against CoinEx Global for unauthorised securities activity in Quebec; AMF states it is still working to collect amounts owed. - T3[Revenu Quebec](https://coincub.com/blog/quebec-msb-license-revenu-quebec-and-amf-requirements-and-costs/) — A crypto-ATM operator or money-services crypto business serving Quebec residents must hold a Revenu Quebec Money-Services Businesses Act licence, in addition to federal FINTRAC MSB registration. - T4[Autorite des marches financiers (AMF Quebec)](https://forex.quebec/en/amf/) — A crypto platform offering products that constitute securities or derivatives (crypto contracts, crypto ETFs, leveraged products) to Quebec residents must separately register with the AMF as a dealer or obtain an exemption. ### Quebec, Canada: C2 Token ClassificationAmberEnacted in forceModule confidence: Probable▾ Canada does not classify bitcoin or similar cryptocurrencies as securities in themselves, but the CSA has created the 'crypto contract' concept whereby a customer's claim to crypto held by a platform is deemed a security/derivative unless immediate delivery (full transfer of ownership, possession and control with no residual platform risk) occurs. A federal Stablecoin Act enacted in 2026 now creates a distinct issuance-authorisation category for Canadian-dollar stablecoins, separate from the general crypto-contract/security treatment. C2 · Token Classification — Full Module Record 0 sub-modules · 180 words · 6 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/) ### Quebec, Canada: C3 On-Chain Activity RegimeRedEnacted in forceModule confidence: Probable▾ On-chain activity-specific rulemaking (staking, DeFi, node operation) remains largely undeveloped nationally and in Quebec specifically. The clearest concrete development is CIRO-regulated custodians (e.g., Tetra Trust) now providing custody for Canada's first staking-enabled ether and solana ETFs. Coinbase Canada's leadership has publicly stated that Canada lacks a bespoke framework for DeFi, derivatives and broader tokenized-asset products, terming current provisions a patchwork of case-by-case exemptions. C3 · On-Chain Activity — Full Module Record 0 sub-modules · 180 words · 4 traced claims · Re-verified 2026-11-04 The decision headline, regulatory posture (Red), 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/) ### Quebec, Canada: C4 Stablecoin RegimeAmberEnacted in forceModule confidence: Probable▾ Following Budget 2025's commitment, Canada's federal Stablecoin Act was enacted in 2026, requiring issuers to hold adequate reserves, establish redemption policies, and implement risk-management frameworks, with the Bank of Canada performing key oversight and the government amending the Retail Payment Activities Act to bring stablecoin-using payment service providers into scope. Tetra Trust's CADD, backed by Wealthsimple, Shopify and National Bank of Canada, launched in May 2026 as the first CAD-pegged stablecoin issued by a regulated Canadian financial institution, with reserves held in trust dedicated to redemption; this applies nationally, including to Quebec-based users, though the issuer's provincial approval was via Alberta's Treasury Board and Finance rather than Quebec's AMF. Horizon · 2027 (± more than a year) Stablecoin Act implementing regulations expected Adopted, not yet in force · Tier 1 source Horizon · 2027-Q1 (± six months) Stablecoin Act substituted-compliance arrangement with AMF Quebec Adopted · Tier 3 source Horizon · 2026-12-23 (± a quarter) Stablecoin Act draft regulations consultation closes Consultation · Tier 3 source Periodic update · new data 2026-10-25 #### Stablecoin Regime Quebec, and Canada more broadly, has no issuance-authorisation, reserve-backing, or redemption-rights regime specific to stablecoins. What exists instead, and what changed materially this period, is a prudential capital and liquidity guideline issued by the province's financial-markets regulator, governing crypto-asset exposures held on the balance sheets of regulated deposit-taking institutions and insurers. This guideline was published on 21 May 2026, followed a public consultation held between 12 February and 12 March 2026, and entered into force on 1 July 2026. The distinction between this guideline and a stablecoin-specific regime is important and should not be collapsed. The guideline tells a regulated bank or insurer how much capital and liquidity it must hold against crypto-asset exposure generally, which would include exposure arising from holding or dealing in stablecoins among other crypto assets, but it says nothing about how a stablecoin issuer itself must be authorised, what reserves it must maintain, or what redemption rights a stablecoin holder has against the issuer. No such issuer-facing regime exists in Quebec today. Separately, commentary has referenced a proposed federal stablecoin-specific statute that would introduce the first dedicated federal framework with oversight from the national central bank; this has not been independently confirmed against a primary legislative source this period and should be treated as a reported development pending that confirmation, not as an established regulatory fact. #### Outlook The prudential guideline's entry into force on 1 July 2026 is now in its first few months of operation, and the coming periods will be the first opportunity to observe how regulated institutions adjust their crypto-asset exposure, including any stablecoin holdings, in response to the new capital and liquidity treatment. The more consequential development to watch for is whether the federal stablecoin-specific legislative proposal referenced in secondary commentary is formally tabled and advances through the federal legislative process; until that is confirmed through a primary source, Quebec's stablecoin landscape remains governed only by the general prudential overlay rather than by any issuer-facing framework. Periodic update · new data 2026-10-05 #### Stablecoin Regime The federal Stablecoin Act, Bill C-15, was enacted on March 26, 2026 but is not yet in force. Once operative, it places the Bank of Canada in a supervisory role over stablecoin issuers, with an exclusion for financial institutions and certain provincially incorporated entities. The reserve regime it establishes requires 1:1 backing by highly liquid assets held with a qualified custodian, at-par redemption for holders, and a prohibition on paying interest or yield to stablecoin holders. These terms are drawn from secondary commentary rather than from the Act's own pinpoint text or an official Order-in-Council confirming commencement, and the precise section numbers and the anticipated 2027 in-force date reported by commentators have not themselves been confirmed from a primary government source this period. For Quebec specifically, the Act's arrival creates a forthcoming dual-oversight interface rather than an immediate one. The Autorite des marches financiers currently holds the relevant provincial supervisory position over financial-sector activity touching stablecoins, and secondary commentary reports that a substituted-compliance arrangement between the AMF and the incoming federal regime is under negotiation. That arrangement is not yet concluded, and its terms, whatever they turn out to be, will determine how much of the AMF's current role is preserved once the Bank of Canada's supervisory authority takes effect. Until the Act is in force and the substituted-compliance question is settled, an issuer serving Quebec residents today continues to operate under the AMF's existing framework, with the federal regime representing a confirmed but not-yet-operative change on the near horizon rather than a present obligation. #### Outlook The commencement date of the Stablecoin Act, reported in secondary commentary as 2027 but not confirmed by an Order-in-Council located this period, is the single most consequential date on this module's horizon. The second item to watch is the substance of the AMF/Bank of Canada substituted-compliance negotiation: its outcome will determine whether Quebec-facing stablecoin issuers face a genuinely dual compliance burden or a largely harmonised one once the federal regime activates. C4 · Stablecoins & EMTs — Full Module Record 0 sub-modules · 180 words · 11 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/) ### Quebec, Canada: C5 Consumer ProtectionAmberEnacted in forceModule confidence: Probable▾ Quebec's AMF, jointly with the national CSA/CIRO framework, imposes custody-segregation and risk-disclosure obligations on crypto platforms. The AMF's original 2014 virtual-currency guidance warned Quebec consumers that losses are not covered by compensation or deposit-insurance plans. The CSA's PRU regime mandates segregation of client crypto assets from proprietary business assets, custody with an 'Acceptable Third-Party Custodian', and a ban on margin/leverage. CIRO's 2026 Digital Asset Custody Framework introduces a tiered, risk-based custody structure aimed at strengthening investor protections against hacking, fraud, weak governance and insolvency. #### Consumer Protection Quebec's crypto-specific consumer-protection posture continues to operate primarily through the AMF's investor-warnings program rather than a dedicated product-level regulatory framework for crypto assets. This cycle's evidence is the AMF's investor-warning notice, dated 22 August 2025, against CapricornX, an unregistered crypto platform reported to be targeting Quebec investors. The notice functions as a reactive consumer-protection instrument: it identifies and publicly flags a specific unregistered platform rather than establishing generalisable product standards or disclosure requirements applicable across the crypto sector. A sourcing caveat is material here. The CapricornX warning was located through the New Brunswick Financial and Consumer Services Commission's aggregation of the alert, a Tier-4 source, rather than through the AMF's own primary publication channel. This cycle's search did not independently verify the warning against an AMF-hosted page, so confidence on this claim is held at Probable rather than Confirmed, and the gap is flagged for future verification against the AMF's own investor-warnings register. The traffic-light assessment of amber for this module reflects the underlying structural characterisation: Quebec's consumer-protection framework for crypto assets is a reactive warnings program layered onto the AMF's existing securities-law authority, rather than a proactive, crypto-specific product-standards regime. This is consistent with the broader crypto_licensing posture in Quebec, where enforcement (including the AMF's tribunal sanctions against XT.com and CoinEx, addressed under the crypto_licensing module) substitutes for a bespoke statutory framework. Consumer protection in this jurisdiction is therefore best characterised as enforcement-adjacent rather than standards-based: investors are protected primarily through the AMF's capacity to warn against and sanction non-compliant platforms, rather than through ex ante product-disclosure or suitability rules specific to crypto assets. #### Outlook Whether the AMF issues further investor warnings against unregistered platforms targeting Quebec investors in coming cycles, and whether any such warnings are independently verifiable against the AMF's own primary publications rather than third-party aggregators, are the key markers to track. A shift from reactive warnings toward proactive product-level consumer-protection rules specific to crypto assets would represent a structural change from the current posture. Read full sub-brief · 331 words No new data since the standing brief. 1 periodic run re-emitted it unchanged. Sources and findings (7) - T3[CoinDesk](https://www.coindesk.com/policy/2023/02/22/canadian-crypto-trading-platforms-face-enhanced-rules-under-new-regulations) — Crypto trading platforms serving Canadian clients (including Quebec) must segregate client cash, securities and non-security crypto assets in a designated trust account or with an 'Acceptable Third-Party Custodian' holding a recent SOC 2 report, and are banned from offering margin or leverage. - T3[CoinDesk](https://www.coindesk.com/policy/2026/02/03/canada-s-investment-regulator-rolls-out-crypto-custody-rules-to-avoid-another-quadrigacx) — CIRO's Digital Asset Custody Framework establishes a tiered, risk-based custody structure intended to strengthen investor protections against hacking, fraud, weak governance and insolvency at crypto trading platforms. - T4[CapricornX](https://fcnb.ca/en/news-alerts/caution-crypto-asset-trading-platforms-9) — The AMF issued an investor-warning notice on 22 August 2025 against the unregistered crypto platform CapricornX targeting Quebec investors. - T3[Quebec residents / crypto trading platforms](https://help.wealthsimple.com/hc/en-ca/articles/31803573916315-Crypto-purchase-limit) — Quebec residents are exempt from the CAD$30,000 rolling 12-month net-purchase limit on 'restricted' crypto assets that applies to residents of most other Canadian provinces on registered trading platforms. - T3[Crypto platforms targeting Quebec consumers](https://www.fasken.com/-/media/c1517899d08346bb832c55d007428509.pdf) — French-language terms of use and disclosures under Quebec's Charter of the French Language (Bill 96). - T4[Quebec Law 25 (Act Respecting the Protection of Personal Information in the Private Sector)](https://www.checkfile.ai/en-CA/blog/carf-dac8-crypto-asset-reporting-compliance-2026) — A crypto business processing Quebec residents' SINs or other personal information must implement a formal privacy-impact assessment and appoint a privacy officer, layered on top of FINTRAC record-keeping and PIPEDA obligations. ### Quebec, Canada: C6 Tax TreatmentAmberEnacted in forceModule confidence: Probable▾ The Canada Revenue Agency (CRA) treats crypto-asset transactions as taxable, applying capital-gains or business-income treatment depending on activity, applicable to Quebec taxpayers alongside their provincial filing obligations. The CRA has acknowledged significant compliance gaps: it estimates 40% of crypto-platform users are evading taxes or at high risk of non-compliance, and has recovered roughly $100 million through audits over the past three years, while pushing for stronger legal tools to compel platform disclosures. C6 · Tax Treatment — 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/) ### Quebec, Canada: C7 Cross-Border TransferAmberEnacted in forceModule confidence: Probable▾ Canada's registration and custody regime is applied extraterritorially: platforms based outside Canada that serve Canadian (including Quebec) clients fall under the same CSA/CIRO/PRU requirements as domestic platforms. FINTRAC separately enforces registration obligations on foreign money-services businesses dealing in virtual currency, as illustrated by its CAD $19.5 million penalty against Seychelles-based Peken Global Ltd. (operating as KuCoin) for failing to register as a foreign MSB. C7 · Cross-Border & Travel Rule — 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/) ### Quebec, Canada: C8 AML/CFT RegimeAmberEnacted in forceModule confidence: Probable▾ Crypto AML/CFT obligations for Canada (including Quebec) are governed federally through FINTRAC under the PCMLTFA and are handled by this consumer's subscribed FIM aml_ctf module rather than produced natively here, per fleet subscription doctrine. Disambiguation context only: FINTRAC treats virtual-currency dealing/exchange as an MSB activity subject to registration, and has actively enforced against unregistered foreign MSBs serving Canadians. C8 · AML/CFT Regime — Full Module Record 0 sub-modules · 180 words · 1 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/) ### Quebec, Canada: C9 Commercial Activity unpopulated ▾ ## Commercial Activity Three registration-decision events affecting Quebec-facing crypto-asset trading platforms were identified within the observed window, each evidencing continued market entry or amendment activity under the existing Canadian Securities Administrators passport framework rather than any change in the underlying regulatory requirements. Satstreet Inc. received a CSA decision dated 6 July 2026 authorising it to operate a crypto-asset trading platform across six provinces -- Ontario, Alberta, British Columbia, Manitoba, Quebec and Saskatchewan. This is a new market-access event for Quebec: a Tier 1 CSA register entry confirms the platform's authorisation to serve Quebec residents, extending the roster of registered platforms with Quebec reach. Netcoins Inc.'s existing CSA/AMF registration decision as a crypto-asset trading platform was amended on 16 September 2026. This amendment continues Netcoins' authorised status to operate in Canada including Quebec rather than representing a new entrant; the amendment itself is confirmed directly against the CSA's own decision register. Newton Crypto Ltd.'s registration decision was reported amended twice during 2026, on 11 March and 25 March, consistent with its status as a CIRO Investment Dealer since 18 March 2026. That status brings Canadian Investor Protection Fund coverage for Newton Crypto's clients and sits alongside its existing FINTRAC registration. Unlike the Satstreet and Netcoins events, this finding rests on a Tier 4 secondary source (a comparative exchange listing) rather than a directly retrieved CSA register entry for the specific amendment dates, and is treated with correspondingly lower confidence in the underlying dates, though the CIRO Investment Dealer status itself is corroborated. In aggregate, these three events describe a Quebec crypto-asset trading platform market that continues to see both new entrants (Satstreet) and administrative amendments to existing registrants (Netcoins, Newton Crypto) under a stable regulatory framework, rather than any disruption to or change in the applicable rules themselves. — Outlook: Continued registration-decision amendments for already-authorised platforms are likely to remain the dominant pattern of commercial activity in this market absent a structural licensing change, consistent with a mature registration regime in which most major pan-Canadian platforms have already achieved authorised status and administrative amendments (such as updates to permitted activities or corporate changes) account for ongoing CSA decision traffic. New-entrant events of the kind evidenced by Satstreet's July 2026 authorisation may continue intermittently as additional platforms complete the CIRO Investment Dealer or restricted-dealer registration process following the PRU route's closure. Open gap — crypto-int-5 No Quebec-specific crypto commercial event located this cycle. no under-indexing note recorded No periodic updates recorded in this cycle Sources and findings (3) - T1 · Canadian Securities Administrators[Satstreet Inc.](https://www.autorites-valeurs-mobilieres.ca/plateformes-de-cryptoactifs-mesures-reglementaires-et-dapplication-de-la-loi/plateformes-de-cryptoactifs-autorisees-a-faire-affaire-avec-les-canadiens/) — Authorised to operate a crypto-asset trading platform in Quebec and five other provinces, 6 July 2026. - T1[Netcoins Inc.](https://www.autorites-valeurs-mobilieres.ca/plateformes-de-cryptoactifs-mesures-reglementaires-et-dapplication-de-la-loi/plateformes-de-cryptoactifs-autorisees-a-faire-affaire-avec-les-canadiens/) — Netcoins Inc.'s CSA/AMF registration decision as a crypto-asset trading platform was amended on 16 September 2026, continuing its authorised status to operate in Canada including Quebec. - T4[Newton Crypto Ltd.](https://coinledger.io/tools/best-crypto-exchanges-canada) — Newton Crypto Ltd.'s registration decision was amended twice in 2026 (11 March and 25 March), consistent with its status as a CIRO Investment Dealer since 18 March 2026 with CIPF coverage.