Canada opens consultation on draft stablecoin rules, maintains ban on yields
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CoinDesk: Bitcoin, Ethereum, Crypto News and Price Datafirst seen
Canada opens consultation on draft stablecoin rules, maintains ban on 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.
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Decrypt
Canada’s Draft Stablecoin Rules Cap Redemption Fees at 1% and Ban Yield
Ottawa opened a 60-day consultation on draft rules requiring one-to-one reserves and fast redemption from stablecoin issuers, while keeping the ban on paying holders interest.
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Blockonomi
Canada Draft Stablecoin Rules Cap Redemption Fees at 1% and Ban Yield
TLDR Canada published draft stablecoin rules on October 24 that require one-to-one reserves held by Canadian custodians. Holders could redeem coins within three business days, with fees capped at 1%. Issuers could not pay interest for holding a coin, but rewards tied to using a coin would be allowed. The Bank of Canada would supervise issuers, with fines of up…