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Canada Consults on Draft Stablecoin Rules, Bans Yields
🇺🇸 United States · Economy · 15 h ago
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26.10 14:23 UTC
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Canada Consults on Draft Stablecoin Rules, Bans Yields
Under the draft rules, non-bank stablecoin issuers must back tokens 1:1 with reserves held at qualified Canadian institutions and settle redemptions within three business days.
23, comes as the country's banking industry presses for a ban on yield payouts, echoing concerns voiced in the U.S. that customers could move their money out of bank accounts, leaving traditional financial institutions with less to lend.
The draft regulations are “required to bring the SCA into force and would prescribe the elements needed for issuers to register with the Bank of Canada,” the government said.
Coinbase Canada received permission from the Ontario Securities Commission (OSC) this year to offer yields on eligible tokens, provided it warned customers about the risks and made clear the funds are not covered by deposit insurance.
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