In force Federal · Parliament of Canada / FINTRAC
2025–2026 PCMLTFA amendments: higher penalties, universal enrolment, MSB rules
Bill C-12 (S.C. 2026, c. 4) and Bill C-15 (S.C. 2026, c. 3) received Royal Assent on March 26, 2026 and the new penalty framework took effect that day; FINTRAC's page (updated April 13, 2026) says universal enrolment and the stablecoin-issuer MSB rules start only once regulations are published in Canada Gazette, Part II, as of September 4, 2026.
Two 2026 statutes, the Strengthening Canada's Immigration System and Borders Act (Bill C-12) and the Budget 2025 Implementation Act (Bill C-15), overhauled FINTRAC's enforcement tools. Administrative monetary penalties (fines FINTRAC can impose without going to court) rose to up to 40 times the old maximums, with new compliance agreements and compliance orders, for violations after March 26, 2026. Still to come, once regulations are published in the Canada Gazette, are a universal enrolment requirement for every business covered by the Act and a rule that stablecoin issuers register as MSBs.
Key dates
- Mar 26, 2025Regulations for the Budget 2024 amendments published in Canada Gazette, Part II
- Apr 1, 2025Accelerated 2025 amendments bring factoring, cheque-cashing and leasing firms under the Act
- Oct 1, 2025Beneficial-ownership discrepancy reporting and registration-strengthening measures in force
- Mar 26, 2026Bills C-12 (S.C. 2026, c. 4) and C-15 (S.C. 2026, c. 3) receive Royal Assent; new penalty framework applies to later violations
#AML#Exchanges#Stablecoins
Primary source: FINTRAC: Modernization and upcoming changes impacting reporting entities Verified Sep 4, 2026
In force Federal · Parliament of Canada / Elections Canada
Ban on crypto political contributions (Strong and Free Elections Act, Bill C-25)
Royal Assent June 18, 2026 (S.C. 2026, c. 20); the Act's only delayed coming-into-force clause (s. 89) covers the riding-name changes in ss. 88 to 88.2, not the contribution ban in new Canada Elections Act ss. 349.04 and 372.1, as of September 4, 2026.
Amendments to the Canada Elections Act prohibit federal parties, candidates and registered third parties from accepting contributions in crypto-assets, money orders or prepaid cards, because such payments are hard to trace and could hide foreign money. Penalties rise to $25,000 for individuals and $100,000 for organizations. The same measure was in Bill C-65, which died when Parliament was prorogued in January 2025, and was reintroduced in March 2026.
Key dates
- Mar 26, 2026Bill C-25 introduced in the House of Commons
- Apr 24, 2026Second reading passes
- Jun 11, 2026Third reading passes the House of Commons
- Jun 15, 2026First reading in the Senate
- Jun 18, 2026Senate third reading and Royal Assent (S.C. 2026, c. 20)
Primary source: LEGISinfo: Bill C-25, Strong and Free Elections Act Verified Sep 4, 2026
In force Federal · CRA
CRA income tax treatment of crypto-assets
Existing Income Tax Act rules apply; the CRA's guide pages show 'date modified' stamps of November 10, 2025 and December 2, 2025, as of September 4, 2026.
The CRA treats crypto as a commodity, not money, so selling it, trading one coin for another, or spending it is a 'disposition' that can create a capital gain (half of which is taxed) or business income (fully taxed), depending on factors like how often you trade and how long you hold. Mining and staking rewards are income. Crypto held on a foreign exchange counts toward the $100,000 Form T1135 foreign-property threshold, although the CRA said in 2023 that coins held for you by a regulated, Canadian-resident platform are generally not foreign property.
Key dates
- Aug 29, 2023CRA view (doc 2023-0984901C6): crypto on regulated Canadian platforms is generally not T1135 foreign property
- Nov 10, 2025CRA 'Understanding crypto-assets and your tax obligations' page updated
- Dec 2, 2025CRA 'Reporting income from crypto-asset transactions' page updated
Primary source: CRA: Understanding crypto-assets and your tax obligations Verified Sep 4, 2026
In force Federal · Canadian Securities Administrators / CIRO
CSA registration regime for crypto asset trading platforms (Staff Notices 21-327, 21-329, 21-332)
Registration required; the CSA and CIRO said on August 6, 2024 that they do not intend to continue the interim restricted-dealer approach for new platforms, and the source page shows no later change as of September 4, 2026.
The CSA (the umbrella group of provincial and territorial securities regulators) treats the contracts a platform gives you when it holds your crypto as securities or derivatives, so platforms serving Canadians must register with a securities regulator. From 2021 they could operate temporarily as 'restricted dealers' or under a pre-registration undertaking (PRU), with custody, leverage and stablecoin limits tightened after the FTX collapse in 2023. Since August 2024 no new PRUs or restricted-dealer registrations are accepted; platforms must become investment dealers and members of CIRO, which in February 2026 issued a tiered Digital Asset Custody Framework for how those dealers hold client coins.
Key dates
- Jan 16, 2020CSA Staff Notice 21-327 says securities law applies to platforms holding client crypto
- Mar 29, 2021Joint CSA/IIROC Notice 21-329 sets the interim two-year registration path
- Feb 22, 2023Staff Notice 21-332 adds stricter PRU terms: segregated custody, no leverage, stablecoin limits
- Aug 6, 2024CSA and CIRO end the interim restricted-dealer approach for new platforms
#Exchanges#Securities#Consumer
Primary source: CSA and CIRO expect crypto trading platforms to prioritize applications for investment dealer registration and CIRO membership (FCNB) Verified Sep 4, 2026
In force Federal · FINTRAC
FINTRAC registration for dealers in virtual currency (PCMLTFA)
In force since June 1, 2020, with the remaining virtual-currency obligations since June 1, 2021; FINTRAC's MSB page (updated October 1, 2025) also lists agent and mandatary verification duties in force from October 1, 2025, as of September 4, 2026.
Any business that exchanges or transfers crypto for Canadians, whether based in Canada or abroad, is a money services business (MSB) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. It must register with FINTRAC, verify customer identity, keep records, run a compliance program and file suspicious-transaction reports. Since June 2021 it must also report any virtual-currency receipt of $10,000 or more within 24 hours and pass sender and recipient details along with transfers (the 'travel rule').
Key dates
- Jun 25, 2019Regulations registered (SOR/2019-240) setting the June 2020 start date
- Jun 1, 2020Virtual-currency dealers must register with FINTRAC as MSBs
- Jun 1, 2021Large virtual-currency transaction reporting and travel rule take effect
- Oct 1, 2025MSBs must verify the eligibility of agents or mandataries acting for them (existing agents by October 1, 2027)
Next
Oct 1, 2027 · Deadline for MSBs to bring agents engaged before October 1, 2025 into compliance with the agent-verification requirements
#Exchanges#AML
Primary source: FINTRAC: Money services businesses (MSBs) Verified Sep 4, 2026
In force Federal · OSFI
OSFI Capital and Liquidity Treatment of Crypto-asset Exposures guidelines
In force since November 1, 2025 (October year-ends) or January 1, 2026 (December year-ends); OSFI's October 29, 2025 letter to industry set the Group 2 exposure limit at 5% of net Tier 1 capital with the same effective dates, as of September 4, 2026.
These guidelines, based on the Basel Committee's global standard, set how much capital a federally regulated bank or insurer must hold against crypto. Tokenized traditional assets and qualifying stablecoins (Group 1) get treatment close to their underlying assets, while unbacked coins such as bitcoin (Group 2) attract punitive capital charges and a hard exposure cap. In October 2025 OSFI raised the Group 2 cap to 5 per cent of a bank's net Tier 1 capital, giving Canadian banks more room to hold or hedge crypto.
Key dates
- Feb 20, 2025Final guidelines issued, replacing OSFI's 2022 interim advisory
- Oct 29, 2025Letter to industry sets the Group 2 exposure limit at 5% of net Tier 1 capital and drops the 1% Group 2b threshold
- Nov 1, 2025Effective for institutions with October 31 year-end
- Jan 1, 2026Effective for institutions with December 31 year-end
Primary source: OSFI: Capital and Liquidity Treatment of Crypto-asset Exposures Guidelines – Letter Verified Sep 4, 2026
In force Federal · Ontario Securities Commission / CSA
Public bitcoin and ether funds and ETFs (OSC decision and CSA Staff Notice 81-336)
Permitted since the OSC's 2019 3iQ decision; Staff Notice 81-336 has been in effect since July 6, 2023, and the CSA's NI 81-102 crypto-fund amendments published April 17, 2025 were set to come into force July 16, 2025, as of September 4, 2026.
Canada allowed publicly traded crypto funds before the United States: an OSC panel overruled staff in October 2019 to let 3iQ's The Bitcoin Fund list, and the Purpose Bitcoin ETF began trading on the TSX in February 2021 as the world's first spot bitcoin ETF. CSA Staff Notice 81-336 sets the ground rules: public funds may hold only crypto that trades on a regulated platform (in practice bitcoin and ether), must use a qualified custodian keeping coins in cold storage, and face limits on lending and staking.
Key dates
- Oct 29, 2019OSC panel orders a prospectus receipt for 3iQ's The Bitcoin Fund
- Feb 18, 2021Purpose Bitcoin ETF (BTCC) starts trading on the TSX
- Jul 6, 2023CSA Staff Notice 81-336 sets expectations for public crypto funds
- Apr 17, 2025CSA publishes NI 81-102 amendments for public crypto asset funds: eligible assets, offline (cold-wallet) custody, annual custodian report
- Jul 16, 2025NI 81-102 crypto amendments scheduled to come into force (subject to ministerial approvals)
Primary source: CSA Staff Notice 81-336 Guidance on Crypto Asset Investment Funds that are Reporting Issuers (BCSC) Verified Sep 4, 2026
In force Provincial · QC · Autorité des marchés financiers (AMF)
Quebec Money-Services Businesses Act licence for crypto ATMs and trading platforms
AMF licence required since February 12, 2015, when the AMF amended its Policy Statement to the Money-Services Businesses Act to cover crypto ATM operators, on top of federal FINTRAC registration, as of September 4, 2026.
Quebec is the only province with its own licensing law for money services. Since 2015 the AMF has required anyone operating a crypto ATM or a crypto trading platform for Quebec customers to hold a licence under the Money-Services Businesses Act, which involves integrity checks on owners and staff, record-keeping and identity verification. Separately, in August 2025 Quebec's Financial Markets Administrative Tribunal ruled in AMF v. Gagnon that crypto assets are not automatically securities under Quebec law; the AMF has appealed.
Key dates
- Feb 12, 2015AMF announces crypto ATM and platform operators need a Money-Services Businesses Act licence
- Aug 22, 2025Tribunal decision in AMF v. Gagnon; AMF appeals
Primary source: Quebec AMF Regulates Virtual Currency ATMs (Norton Rose Fulbright) Verified Sep 4, 2026
In force Federal · Bank of Canada
Retail Payment Activities Act (RPAA) registration and supervision
Registration since November 1, 2024 and risk-management and funds-safeguarding requirements since September 8, 2025, per the Bank of Canada's milestones page (last updated June 30, 2026), as of September 4, 2026.
The RPAA makes the Bank of Canada the supervisor of payment service providers, the companies that hold or move Canadian or foreign currency for consumers and merchants. Providers had to register in November 2024 and, since September 2025, must safeguard end-user funds and run an operational risk framework. Crypto-only activity is outside the Act because digital currencies are not 'funds', but a crypto exchange that offers a fiat prepaid card or similar payment product must register. Bill C-15 also amends the RPAA so that it will extend to stablecoin payments once that framework is in force.
Key dates
- Oct 2, 2024Bank of Canada publishes case scenarios on crypto-backed payment services
- Nov 1, 2024Registration window opens (closes November 15, 2024)
- Sep 8, 2025Risk-management and funds-safeguarding requirements in force
#Payments#Exchanges#Stablecoins
Primary source: Bank of Canada: Retail payments supervision, key milestones Verified Sep 4, 2026
Passed Federal · Parliament of Canada / Bank of Canada
Stablecoin Act (Budget 2025 Implementation Act, No. 1, Bill C-15)
Royal Assent March 26, 2026 (S.C. 2026, c. 3); Finance Canada's page (updated March 31, 2026) says regulation work will run 12 to 18 months from early 2026, with draft regulations to be published in the Canada Gazette for consultation and the framework coming into force in 2027, as of September 4, 2026.
Canada's first federal stablecoin law requires any non-bank issuer of a fiat-backed stablecoin offered to Canadians to register with the Bank of Canada, hold a one-to-one reserve of high-quality liquid assets with a qualified custodian, redeem at par on request, and publish governance, risk and security policies. Issuers cannot pay interest or yield on the coin or present it as a deposit or government-backed. The Act is law but its main obligations start only when Finance Canada's regulations are finalized, a process the government says will take 12 to 18 months from early 2026.
Key dates
- Nov 4, 2025Budget 2025 announces the stablecoin framework
- Nov 18, 2025Bill C-15 introduced in the House of Commons
- Feb 26, 2026Bill C-15 passes the House of Commons at third reading
- Mar 26, 2026Bill C-15 receives Royal Assent (S.C. 2026, c. 3)
Next
Mar 31, 2027 · Regulations expected to be finalized (Finance Canada estimate of 12–18 months from early 2026; framework in force in 2027)
#Stablecoins#Payments#Banking#Consumer
Primary source: Department of Finance Canada: Canada's Stablecoin Framework Verified Sep 4, 2026
In committee International · Parliament of Canada / CRA
OECD Crypto-Asset Reporting Framework (CARF) in Canada (Bill C-31)
Bill C-31 is at the House Standing Committee on Finance after second reading on June 3, 2026, with a Senate pre-study since June 10, 2026, and LEGISinfo shows no later stage as of September 4, 2026; Budget 2025 set the application date at January 1, 2027.
CARF requires Canadian crypto exchanges, brokers, dealers and crypto ATM operators to collect tax-residency details from every customer and report annual totals of their crypto-to-fiat trades, crypto-to-crypto swaps, transfers and large purchases to the CRA, which will swap the data with other tax authorities. Budget 2024 first announced it for 2026, draft law followed in August 2025, and Budget 2025 pushed the start to January 1, 2027, meaning 2027 is the first year covered and the first reports are expected in 2028.
Key dates
- Apr 16, 2024Budget 2024 announces Canada will adopt CARF
- Aug 15, 2025Finance Canada releases draft CARF legislation
- Nov 4, 2025Budget 2025 defers the application date to January 1, 2027
- May 6, 2026Bill C-31 (Budget 2025 Implementation Act, No. 2) introduced at first reading
- Jun 3, 2026Second reading; referred to the House Standing Committee on Finance
- Jun 10, 2026Senate National Finance committee begins a pre-study of the bill
Next
Jan 1, 2027 · CARF due-diligence and reporting obligations begin (first reports expected in 2028)
#Tax#Exchanges
Primary source: Bill C-31, Budget 2025 Implementation Act, No. 2 (first reading) Verified Sep 4, 2026
Proposed Federal · Department of Finance Canada / Parliament of Canada
Proposed federal ban on crypto ATMs (Spring Economic Update 2026)
Proposed in the Spring Economic Update 2026 (April 28, 2026); Finance Canada said on May 6, 2026 that the details would come in legislation 'expected to be tabled shortly', Bill C-30 (Royal Assent June 18, 2026, S.C. 2026, c. 22) did not include it, and no enabling bill had been tabled as of September 4, 2026.
The Spring Economic Update 2026 proposes to ban crypto ATMs outright, citing government-cited studies that 85 to 98 per cent of their transactions are tied to illicit activity and an estimated $142 million to $284 million lost by Canadians to ATM-facilitated fraud in 2024. Canada has close to 4,000 machines. Buying crypto through registered online or brick-and-mortar money services businesses would remain legal. The implementing bill, C-30, did not include the ban; the government said in May that separate legislation would follow.
Key dates
- Apr 28, 2026Spring Economic Update 2026 proposes the ban
- May 6, 2026Finance Minister says ban legislation is 'expected to be tabled shortly'
- Jun 18, 2026Bill C-30 (Spring Economic Update 2026 Implementation Act, S.C. 2026, c. 22) receives Royal Assent without the ban
Primary source: Spring Economic Update 2026, Chapter 2: Benefitting Canadians: A Canada for all Verified Sep 4, 2026
Under consultation Federal · OSFI
OSFI draft Crypto-asset Exposures guideline (2027 update)
Draft published May 21, 2026 and consultation closed July 20, 2026; OSFI said it expects to publish the final guideline in September 2026 and the draft page still shows no final version as of September 4, 2026.
OSFI proposes to update the banking guideline so that banks can fully recognize hedges of Group 2a crypto (coins traded on regulated exchanges) placed on a different exchange, instead of only partial credit. OSFI says banks mostly run market-neutral crypto books and the current rule overstates their risk. If finalized, it would apply from November 1, 2026 for banks with an October year-end and January 1, 2027 for the rest.
Key dates
- May 21, 2026Draft 2027 guideline and backgrounder published; 60-day consultation opens
- Jul 20, 2026Consultation closes
- Nov 1, 2026Proposed effective date for banks with October 31 year-end
- Jan 1, 2027Proposed effective date for banks with December 31 year-end
Next
Sep 30, 2026 · Final guideline expected (OSFI said September 2026)
#Banking
Primary source: OSFI backgrounder: Draft Guideline on the Capital and Liquidity Treatment of Crypto-asset Exposures (Banking) (2027) Verified Sep 4, 2026
Guidance Federal · Canadian Securities Administrators
CSA interim approach to stablecoins ('value-referenced crypto assets', Staff Notice 21-333)
Interim approach in effect under Staff Notice 21-333 (October 5, 2023); the CSA's September 26, 2024 update made December 31, 2024 the final date after which platforms may offer only compliant VRCAs, as of September 4, 2026.
The CSA's view is that stablecoins, which it calls value-referenced crypto assets (VRCAs), may be securities or derivatives. Registered platforms may only offer a stablecoin with CSA consent, and only if it tracks a single fiat currency, the issuer keeps a full reserve with a qualified custodian, and both the issuer and platform publish reserve, governance and operating details. Stablecoins that do not meet those terms, including algorithmic ones, cannot be offered to Canadian clients.
Key dates
- Feb 22, 2023Staff Notice 21-332 flags VRCAs as possible securities and restricts them on platforms
- Oct 5, 2023Staff Notice 21-333 sets terms for fiat-backed stablecoins on platforms, with an April 30, 2024 compliance deadline
- Apr 17, 2024CSA extends the April 30 deadline to October 31, 2024
- Sep 26, 2024CSA extends the October 31 deadline to December 31, 2024
- Dec 31, 2024Final deadline: only compliant VRCAs may be offered to Canadian clients
#Stablecoins#Securities#Exchanges
Primary source: Canadian securities regulators clarify interim approach to value-referenced crypto assets (ASC) Verified Sep 4, 2026
Paused Federal · Bank of Canada
Bank of Canada digital Canadian dollar (retail CBDC)
The Bank's Digital Canadian Dollar page says it is scaling down retail CBDC work and shifting to broader payments research, with any decision to issue left to Parliament; no pilot or launch is planned as of September 4, 2026.
After seven years of research and a 2023 public consultation, the Bank of Canada said in September 2024 that there is no compelling case for a retail central bank digital currency, a digital form of cash issued by the central bank, and shifted staff to broader payments work such as the Real-Time Rail and supervising payment providers. The Bank still publishes occasional CBDC research, but nothing is being built. Any future launch would need a decision by Parliament, not the Bank alone.
Key dates
- Sep 24, 2024Bank announces it is scaling down retail CBDC work
Primary source: Bank of Canada: Digital Canadian Dollar Verified Sep 4, 2026
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