Canada Releases Stablecoin Regulation Draft, Prohibits Issuers from Paying Yields

PANews, October 27 - According to CoinDesk, the Canadian government has published the draft "Stablecoin Regulations" and launched a 60-day public consultation period, ending December 23. The draft prohibits issuers from paying interest or yields to holders directly or through third parties, but allows usage-related rewards; non-bank issuers must hold reserves not less than the circulating amount, deposited with qualified Canadian custodians; issuers must complete redemptions within 3 business days, with no minimum redemption amount and a redemption fee cap of 1%. The draft aims to implement the "Stablecoin Act" passed this year and is scheduled to take effect in autumn 2027.