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Canada’s Stablecoin Act: Anchoring Digital Cash

Canada’s proposed Stablecoin Act would establish a federal regulatory framework governing the issuance and oversight of fiat referenced stablecoins, with the Bank of Canada responsible for supervising and enforcing compliance. The legislation would require stablecoin issuers to register with the Bank of Canada, maintain reserves equal to the value of outstanding tokens, adopt risk management and governance standards, and meet reporting and compliance obligations.

Guests, Andreas Veneris and Odunayo Olowookere published “A Note on Canada’s Stablecoin Act” (SSRN, November 2025), welcoming the legislation post-U.S. Genius Act but recommending tighter reserve rules, clearer issuer accountability, and limits on central bank overreach to mitigate against past crypto failures.

Guest

Andreas Veneris
Connaught Scholar and Professor, Department of Electrical and Computer Engineering, Cross-appointed Faculty with the Department of Computer Science, University of Toronto; Cross-appointed Faculty, Munk School of Global Affairs & Public Policy.

https://ca.linkedin.com/in/andreas-veneris

Andreas’ research focuses on Central Bank Digital Currencies (CBDCs), mechanism/economic design of distributed systems, formal methods for smart-contract verification, and techno-legal blockchain policy/regulatory questions. In February 2021, his work with the Bank of Canada became public, proposing a CBDC for Canada — the first work of its kind presenting a comprehensive technological, regulatory/legal and economic model for a CBDC. In March 2022, he was acknowledged for his contributions on a classified report by the Hoover Institution, prefaced by former US Secretary of State Condoleezza Rice, titled Digital Currencies: The US, China, And The World At A Crossroads. US President Joe Biden signed an Executive Order following the reports recommendations. Today, Andreas engages with many G20 Central Banks and policymakers on the topic of digital assets and CBDCs. His work has been featured in publications by the Bank for International Settlements (BIS) and the International Monetary Fund (IMF), among others.

 

Odun Olowookere
Doctoral Candidate, Osgoode Law School

https://www.linkedin.com/in/odunayo-olowookere

Odun is an accomplished researcher specializing in Law, Fintech, and Economics, with an expertise in monetary law, Blockchain/crypto regulations, and Central Bank Digital Currencies (CBDC). His focus lies in elucidating the advantages of CBDC for monetary policy transmission mechanisms, exploring the expanding roles of Central Banks, and analyzing the legal implications of Blockchain applications within payment and settlement systems. His research extends to topics such as monetary sovereignty, tokenized finance, and central bank institutional design.

Host

Laura Paglia
President and CEO, Investment Industry Association of Canada

https://www.linkedin.com/in/laura-paglia-224b952b

Laura Paglia became President and CEO of the IIAC in August 2021. Before that, she provided legal counsel to capital markets, wealth, and financial services firms, including banks, insurers, and investment dealers. She also advised executives, Boards, and compliance officers. A frequent speaker and writer, Laura was called to the Ontario Bar in 1997. She holds LLB and LLM degrees from Osgoode Hall and has received multiple professional recognitions for her litigation expertise.

Transcript
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