To Richmond, the delay isn’t about regulators moving slowly, but a structural difference between U.S. and Canadian frameworks.
“It’s not necessarily just a regulatory thing; just the nature of the rules is different,” he said.
Harmonized ‘national instrument’
While there is still work to be done, Richmond is encouraged by the fact that Canadian regulators are actively listening to industry players about digital asset products and are open to creating new regulatory frameworks to support the growing industry.
One example Richmond cited as “a very good piece of legislation” is the new Stablecoin Act, which was enacted by the Canadian Federal government earlier this year, after the U.S. passed the GENIUS Act last year.
In the wake of the Stablecoin Act’s passage, Canada has already seen Tetra Trust — a company backed by heavyweights such as Wealthsimple, Shopify and National Bank of Canada — launching Canada’s first regulated…
