The Canadian government is actively working on a regulatory framework for stablecoins, with potential announcements expected in the federal budget on November 4th. This initiative follows ongoing meetings between regulators and industry groups over recent weeks. Currently, Canada lacks a national rulebook for these assets, leaving businesses uncertain about their classification – whether as everyday payment tools or regulated financial products. Securities regulators hint at classifying them as securities or derivatives, which has left developers and payment firms struggling to understand the implications of this classification and implement new services built around stablecoins. 🇺🇸 Meanwhile, the US has taken a leading role in defining stablecoin regulations through the Genius Act, granting direct oversight of issuers by US regulators regarding their reserves and compliance with anti-money laundering requirements. This clarity has bolstered US’s position as a hub for stablecoin businesses.