Earlier, the tech industry warned that Canada might miss out on the current cryptocurrency boom. Since then, the country has begun to accelerate the pace in stablecoin regulation in an effort to narrow the gap with the US. A stablecoin is a type of digital currency whose value is linked to fiat money or other financial assets to achieve price stability. The proposed Stablecoin Act will establish a regulatory framework for stablecoins linked to the Canadian dollar, and the Bank of Canada is responsible for overseeing implementation of this framework. According to a financial intelligence report issued by the Canadian Financial Transactions and Reports Analysis Center, law enforcement agencies need to be wary of the rising number of cases involving stablecoins and other digital assets in the future.

Earlier, the tech industry warned that Canada might miss out on the current cryptocurrency boom. Since then, the country has begun to accelerate the pace in stablecoin regulation in an effort to narrow the gap with the US. A stablecoin is a type of digital currency whose value is linked to fiat money or other financial assets to achieve price stability. The proposed Stablecoin Act will establish a regulatory framework for stablecoins linked to the Canadian dollar, and the Bank of Canada is responsible for overseeing implementation of this framework. According to a financial intelligence report issued by the Canadian Financial Transactions and Reports Analysis Center, law enforcement agencies need to be wary of the rising number of cases involving stablecoins and other digital assets in the future.