Regulation · Regime · Canada · Guidance · Canadian Securities Administrators
CSA interim approach to value-referenced crypto assets (CSA Staff Notice 21-333)New
The Canadian Securities Administrators' interim framework for stablecoins, which they call value-referenced crypto assets (VRCAs) and consider may be securities or derivatives. Registered crypto trading platforms may let clients buy or deposit only fiat-backed VRCAs that track a single currency, where the issuer holds an adequate reserve in that currency and has filed an undertaking with the CSA covering reserves, custody, redemption, disclosure and assurance reports. QCAD's issuer filed such an undertaking in November 2025 with the Ontario Securities Commission as principal regulator, alongside a receipted prospectus.
In force · effective 5 Oct 2023
Key points
- The CSA may consent to registered or pre-registered crypto trading platforms continuing to offer fiat-backed crypto assets that replicate one fiat currency and are backed by an adequate reserve in it, subject to terms on the platform and the issuer.[1]
- The issuer must file an undertaking acceptable to the CSA and a submission to jurisdiction.[1]
- A qualifying token gives holders a right to redeem on demand against the issuer or the reserve at one-to-one, less disclosed fees.[2]
What it covers
Timeline
- 22 Feb 2023 · ProposedCSA Staff Notice 21-332 says VRCAs may be securities or derivatives and foreshadows an interim approach.[1]
- 5 Oct 2023 · In forceCSA Staff Notice 21-333 sets the terms for platforms and issuers.[1]
- 20 Nov 2025 · AmendedQCAD Digital Trust files its VRCA undertaking with the OSC as principal regulator.[2]
Deployments operating under it
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| QCAD Canadian dollar stablecoinNew Stablecorp | Live (limited) | Reviewed 24d ago |
Sources
- [1]CSA Staff Notice 21-333 Crypto Asset Trading Platforms: Terms and Conditions for Trading Value-Referenced Crypto Assets with Clients — Ontario Securities Commission, 5 Oct 2023. Accessed 18 Oct 2026.A
- [2]Undertaking from VRCA Issuer: QCAD Digital Trust — Canadian Securities Administrators, 20 Nov 2025. Accessed 18 Oct 2026.A