The Canadian self-regulatory organization outlined custody limits, capital thresholds and reporting rules while long-term regulation remains in progress. The Canadian Investment Regulatory Organization (CIRO) has formalized its interim framework governing the custody of crypto and tokenized assets. The move outlined how dealer members are expected to safeguard client holdings while permanent crypto-specific rules remain under development. In a Tuesday notice, CIRO said the framework sets out its supervisory expectations for investment dealers operating crypto trading platforms, including custody limits, segregation standards, reporting obligations and tiered requirements for third-party crypto custodians. Read more
Canadian PM Mark Carney shakes hands with Chinese President Xi Jinping at the People’s Great Hall in Beijing.—Reuters BEIJING: Canada’s Prime Minister Mark Carney and Chinese President Xi Jinping agreed on a raft of measures from trade to tourism on Friday at the first meeting between the countries’ leaders in Beijing in eight years. The Canadian premier hailed a “landmark deal” under a “new strategic partnership” with China, turning the page on years of diplomatic spats, retaliatory arrests of each other’s citizens and tariff disputes. Carney has sought to reduce his country’s reliance on the United States, its key economic partner and traditional ally, as President Donald Trump has aggressively raised tariffs on Canadian products. “Canada and China have reached a preliminary but landmark trade agreement to remove trade barriers and reduce tariffs,” Carney told a news conference after meeting with Xi. Under the deal, China — which used to be Canada’s largest market for canola seed — is expected to reduce tar...
Canada’s central bank will approve only fiat-backed, high-quality stablecoins to ensure they are “good money” as part of the country’s plan to modernize its financial system. The Bank of Canada has signaled it will only approve high-quality stablecoins tied to central bank currencies to ensure stablecoins serve as “good money” under the country’s upcoming stablecoin regulations, expected in 2026. “We want stablecoins to be good money, like bank notes or money on deposit at banks,” Governor Tiff Macklem told the Montreal Chamber of Commerce on Tuesday. Macklem wants the stablecoins to be pegged at a one-to-one ratio to a central bank currency and backed by “high-quality liquid assets” that can be easily converted into cash. Such assets typically include Treasury bills and government bonds. Read more