TechFlow news, October 27 — According to sources, Canada is holding discussions on regulatory rules for stablecoins and may announce a major update in its upcoming federal budget next week. These sources said government officials have been engaging in extensive discussions with regulators and industry participants over recent weeks. The issue is expected to be addressed in the budget documents to be released by Canadian Finance Minister François-Philippe Champagne on November 4. In July, the U.S. passed the Genius Act, authorizing financial regulators to oversee stablecoin issuers and their reserve management practices, and requiring issuers to comply with anti-money laundering and sanctions evasion prevention rules. This new law has been welcomed by many in the crypto industry. However, in Canada, due to the lack of relevant legislation, regulators have stated that stablecoins could constitute securities or derivatives. Some experts argue they should instead be regulated as payment instruments, subject to strict oversight. (Jinshi)
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