Stablecoin Act (S.C. 2026, c. 3, s. 600)

Marginal note:Conditions

61 The Bank may, by order, impose conditions on an applicant or an issuer, or any director, officer or agent or mandatary of an applicant or issuer, if the Bank is of the opinion that it is necessary to do so to ensure compliance with this Act.

Marginal note:Compliance agreement

62 The Bank may enter into a compliance agreement with an issuer for the purpose of implementing any measure that is designed to further compliance by the issuer with this Act.

Marginal note:Directions — failure to comply

• The following provision is not in force.

  63 (1) If, in the Bank’s opinion, an applicant or an issuer has failed to comply, or there are reasonable grounds to believe that an applicant or an issuer will fail to comply, with a provision of this Act or of the regulations or with an order made under section 14, an undertaking required under section 60, conditions imposed under section 61 or a compliance agreement entered into under section 62, the Bank may direct the applicant or the issuer to comply and to take any measures that, in the Bank’s opinion, are necessary to do so.

• The following provision is not in force.

  Marginal note:Representations

  (2) Subject to subsection (3), the Bank must not make a direction unless the applicant or the issuer in question is provided with an opportunity to make representations in respect of the matter.

• The following provision is not in force.

  Marginal note:Temporary direction

  (3) If the Bank is of the opinion that the length of time required for representations to be made might be prejudicial to the public interest, the Bank may make a temporary direction that has effect for a period of not more than 15 days.

• The following provision is not in force.

  Marginal note:Continued effect

  (4) The temporary direction continues to have effect after the end of the 15-day period if no representations are made to the Bank within that period or, if representations are made, the Bank notifies the applicant or the issuer in question that the Bank is not satisfied that there are sufficient grounds for revoking the direction.

Marginal note:Recommendation to Minister

64 The Bank may recommend to the Minister that the Minister make an order under subsection 74(1) prohibiting an issuer from issuing a stablecoin if the Bank is satisfied that the issuer has contravened this Act or the regulations or that the issuer is committing an act or pursuing a course of conduct that is an unsafe or unsound practice in relation to its business.

Marginal note:Regulations and guidelines

65 The Governor in Council may make regulations and the Bank may make guidelines respecting the maintenance by issuers of sound operational, governance and risk management practices.

Marginal note:Directions — unsafe or unsound practice

66 If the Bank is of the opinion that an issuer, or a person with respect to an issuer, is committing or is about to commit an act that is an unsafe or unsound practice in relation to the business of the issuer, or is pursuing or is about to pursue any course of conduct that is an unsafe or unsound practice in relation to that business, the Bank may direct the issuer or person to

• The following provision is not in force.

  (a) cease or refrain from committing the act or pursuing the course of conduct; and

• The following provision is not in force.

  (b) perform any act that, in the Bank’s opinion, is necessary to remedy the situation.

Marginal note:Designation

67 The Minister may designate a person or government authority for the purposes of section 19, paragraph 20(a), section 26, paragraph 27(1)(e), subsection 49(1), sections 50 and 52, subsection 55(3) and sections 56 and 68.

Marginal note:Information request

• The following provision is not in force.

  68 (1) The Minister or any designated person or government authority may request in writing that a person, within the time and in the manner provided for in the regulations, if any, provide the Minister and the designated person or government authority with any information that the Minister or the designated person or government authority considers necessary for a purpose related to the exercise of the Minister’s powers or the performance of the Minister’s duties and functions under this Act.

• The following provision is not in force.

  Marginal note:Manner

  (2) A request for information under subsection (1) must be submitted to the Bank, which must then transmit it to the person. The person must provide the requested information to the Bank, which must then provide it to the Minister and the designated person or government authority.

Marginal note:Authorized persons

• The following provision is not in force.

  69 (1) The Minister may designate persons or classes of persons as authorized persons for the purpose of this section.

• The following provision is not in force.

  Marginal note:Information request

  (2) An authorized person may request in writing that a person, within the time and in the manner provided for in the regulations, if any, provide the authorized person with any information that the authorized person considers necessary for a purpose related to verifying compliance with an undertaking required under section 70, conditions imposed under section 71 or an order made under subsection 72(1) or (3).

• The following provision is not in force.

  Marginal note:Manner

  (3) A request for information under subsection (2) must be submitted to the Bank, which must then transmit it to the person. The person must provide the requested information to the Bank, which must then provide it to the authorized person.

Marginal note:Undertakings

70 The Minister may, by order, require an applicant or an issuer, or any director, officer or agent or mandatary of an applicant or issuer, to provide an undertaking if the Minister is of the opinion that it is necessary to do so for reasons related to national security.

Marginal note:Conditions

71 The Minister may, by order, impose conditions on an applicant or an issuer, or any director, officer or agent or mandatary of an applicant or issuer, if the Minister is of the opinion that it is necessary to do so for reasons related to national security.

Marginal note:National security order

• The following provision is not in force.

  72 (1) The Minister may, by order, direct an applicant or an issuer, or any director, officer or agent or mandatary of an applicant or issuer, to take or to refrain from taking any measures related to its activities in respect of a stablecoin if the Minister is of the opinion that it is necessary to do so for reasons related to national security.

• The following provision is not in force.

  Marginal note:Representations

  (2) Subject to subsection (3), the Minister must not make an order under subsection (1) unless the applicant, issuer or person in question is provided with an opportunity to make representations in respect of the matter.

• The following provision is not in force.

  Marginal note:Temporary order

  (3) If, in the Minister’s opinion, the length of time required for representations to be made might be prejudicial to the public interest, the Minister may make a temporary order that has the same effect as an order made under subsection (1). The temporary order ceases to have effect 30 days after the day on which it is made or after the end of a shorter period that is specified in the order.

• The following provision is not in force.

  Marginal note:Continued effect

  (4) The temporary order continues to have effect after the end of the 30-day or the shorter period if no representations are made to the Minister within that period or, if representations are made, the Minister notifies the applicant, issuer or person in question that the Minister is not satisfied that there are sufficient grounds for revoking the order.

Marginal note:Order provided to Bank

73 The Minister must provide the Bank with each order made under section 70 or 71 or subsection 72(1) or (3) and the Bank must then, as soon as feasible, provide the applicant, issuer or person in question with the order.

Marginal note:Prohibition against issuing stablecoin

• The following provision is not in force.

  74 (1) The Minister may, by order, prohibit an issuer from issuing a stablecoin if the Minister is of the opinion that it is necessary to do so for reasons related to national security or that it is in the public interest to do so.

• The following provision is not in force.

  Marginal note:Representations

  (2) Subject to subsection (3), the Minister must not make an order under subsection (1) unless the issuer in question is provided with an opportunity to make representations in respect of the matter.

• The following provision is not in force.

  Marginal note:Temporary order

  (3) If, in the Minister’s opinion, the length of time required for representations to be made might be prejudicial to the public interest, the Minister may make a temporary order that has the same effect as an order made under subsection (1). The temporary order ceases to have effect 30 days after the day on which it is made or after the end of a shorter period that is specified in the order.

• The following provision is not in force.

  Marginal note:Continued effect

  (4) The temporary order continues to have effect after the end of the 30-day or the shorter period if no representations are made to the Minister within that period or, if representations are made, the Minister notifies the issuer in question that the Minister is not satisfied that there are sufficient grounds for revoking the order.

Marginal note:Order provided to Bank

75 As soon as feasible after making an order under subsection 74(1) or (3), the Minister must provide the order to the Bank. The Bank must then, as soon as feasible, provide the issuer in question with the order and then remove the issuer’s name from the list of issuers referred to in paragraph 16(a).

Marginal note:Confidential information

• The following provision is not in force.

  76 (1) If the Minister is of the opinion that the disclosure of information about a directive given, undertaking required, conditions imposed or order made by the Minister under this Act, or information that could reveal the existence of the directive, undertaking, conditions or order, could pose a threat to the integrity or security of the applicant or issuer in question or could be injurious to national security, the Minister may specify that the information is confidential and must be treated accordingly.

• The following provision is not in force.

  Marginal note:Prohibition

  (2) Despite anything in this Act, it is prohibited for any person to disclose any confidential information referred to in subsection (1) except in accordance with any conditions that the Minister may specify.

Marginal note:Governor

• The following provision is not in force.

  77 (1) If a person is contravening or has contravened a provision of this Act or the regulations or is not complying with an undertaking required, conditions imposed or directions made by the Bank under this Act or with an order made by the Governor under this Act, the Governor may, in addition to any other action that may be taken under this Act, apply to a superior court for an order requiring the person to cease the contravention or to comply with the provision, undertaking, conditions, directions or order.

• The following provision is not in force.

  Marginal note:Minister

  (2) If a person is not complying with an undertaking required, conditions imposed or an order made by the Minister under this Act, the Minister may, in addition to any other action that may be taken under this Act, apply to a superior court for an order requiring the person to comply with the undertaking, conditions or order.

• The following provision is not in force.

  Marginal note:Powers of court

  (3) The court may make the order and any other order that it thinks fit.

• The following provision is not in force.

  Marginal note:Appeal

  (4) An appeal from an order of the court lies in the same manner and to the same court as an appeal from any other order of the court.

Marginal note:Right of appeal

• The following provision is not in force.

  78 (1) An applicant that has been notified of a decision under section 28 or an issuer that has been provided with an order under section 75 may, within the period provided for in the regulations or within any longer period that the Federal Court allows, appeal the decision or the order to that Court.

• The following provision is not in force.

  Marginal note:Powers of Federal Court

  (2) The Federal Court may

  • The following provision is not in force.

    (a) dismiss the appeal; or

  • The following provision is not in force.

    (b) set aside the decision or order and refer the matter back to the Minister for re-determination.

Marginal note:Violation

79 Every contravention that is designated under the regulations constitutes a violation and the person that commits the violation is liable to a penalty determined in accordance with the regulations.

Marginal note:Notice of violation

• The following provision is not in force.

  80 (1) If the Bank believes on reasonable grounds that a person has committed a violation, the Bank may issue and cause to be served on the person a notice of violation.

• The following provision is not in force.

  Marginal note:Purpose of penalty

  (2) The purpose of a penalty is to promote compliance with this Act and not to punish.

Marginal note:Contents of notice

• The following provision is not in force.

  81 (1) A notice of violation must name the person believed to have committed a violation, identify the violation and set out

  • The following provision is not in force.

    (a) the penalty to be paid;

  • The following provision is not in force.

    (b) the right of the person, within 30 days after the day on which the notice is served or within any longer period that the Bank specifies, to pay the penalty or to make representations to the Governor with respect to the violation and the penalty, and the manner for doing so; and

  • The following provision is not in force.

    (c) the fact that, if the person does not pay the penalty or make representations in accordance with the notice, the person will be deemed to have committed the violation and is liable to pay the penalty.

• The following provision is not in force.

  Marginal note:Short-form descriptions

  (2) The Bank may establish, in respect of each violation, a short-form description to be used in notices of violation.

• The following provision is not in force.

  Marginal note:Administrative corrections

  (3) If a notice of violation contains any error or omission, the Bank may issue and cause to be served a corrected notice of violation on the person at any time during the period referred to in paragraph (1)(b).