The Canadian government introduced a budget bill on November 5 prohibiting federally regulated financial institutions from directly issuing cryptocurrency. Stablecoins must instead be issued through independent non-financial subsidiaries subject to dedicated stablecoin legislation. Under the proposed framework, any cryptocurrency issuance must include reserve safeguards such as redemption at par value and asset segregation, with no coverage under public deposit insurance or government guarantee programs. The Bank of Canada will handle issuer registration, oversight, and regulatory enforcement. The stablecoin regulatory framework is expected to take effect in autumn 2027.