Canada’s Office of the Superintendent of Financial Institutions said tokenized deposits are “legally indistinguishable” from traditional deposits, emphasizing that the technology used by a financial product or service does not determine its legal nature. Financial institutions can offer tokenized deposit services under existing financial regulatory laws without additional rules, OSFI said. Institutions and third parties acting on their behalf must comply with applicable laws, consult their OSFI superintendent before launching new products or services, and consider seeking legal advice before going live. OSFI oversees nearly 350 financial institutions and 1,200 pension plans.