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Canada Announces Crypto, Stablecoin Consultation in New Budget Statement
Federal government plans to examine crypto, which it said is "transforming financial systems" around the world.
By Nikhilesh De
Updated Nov 4, 2022, 4:58 p.m. Published Nov 3, 2022, 8:56 p.m.
Canada's federal government announced it was launching a consultation on "cryptocurrencies, stablecoins and central bank digital currencies," in a fiscal update published Thursday.
The Fall Economic Statement, a mini-budget released by Deputy Prime Minister Chrystia Freeland, is the government's fiscal road map over the coming months. Among provisions on taxes, recovering from COVID-19 and hurricanes, and budget projections was a section on the "digitalization of money," which highlighted cryptocurrencies and digital assets and their use worldwide.
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Cryptocurrencies are "transforming financial systems" both in Canada and elsewhere, the document said, adding that Canada's financial regulatory frameworks have to "keep pace."
"The digitalization of money poses a challenge to democratic institutions around the world. In the last several months, digital assets and cryptocurrencies have been used to avoid global sanctions and fund illegal activities, both in Canada and around the world," the document said in part of the document titled "effective government."
To address this, the government launched a consultation on digital currencies on Thursday, the document said. This includes a legislative review addressing financial stability and security, as well as other digitalization, according to the document.
Canada made headlines earlier this year when Prime Minister Justin Trudeau invoked the country's "Emergencies Act" in response to a weeks-long protest by truckers that blocked the U.S.-Canada border, ordering banks to freeze and suspend accounts tied to the protestors, including bitcoin donated.
Much of the $24 million raised, including some of the crypto funds, remain frozen as of this week, according to canada.com, a news organization operated by Postmedia Network.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Crypto's closest ally in Congress, Sen. Lummis, is retiring next year
The most tireless advocate of digital assets issues in the U.S. Senate said she's grown too tired to keep at it, leaving her Republican seat in play next year.
What to know:
- U.S. Senator Cynthia Lummis, a dedicated friend to crypto causes, has decided to exit the Senate after her first term.
- Lummis said in a statement that she doesn't have another six years in the tank, but she intends to deliver major legislation to President Donald Trump's desk next year.
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