Canada 'got it wrong' labeling stablecoins securities — NDAX exec
Tanim Rasul, COO of NDAX, criticized Canada's 2022 classification of stablecoins as securities, advocating for their recognition as payment instruments, similar to Europe's MiCA framework. The Canadian Securities Administrators (CSA) designated stablecoins as “securities and/or derivatives” in December 2022, influenced by the FTX collapse. This regulatory stance has led major crypto firms like Binance and Gemini to reduce operations or exit Canada. Despite this, Canada's crypto market generated $224 million in revenue in 2024, with an expected growth rate of 18.6% annually until reaching $617.5 million by 2030. Stablecoins, pegged to fiat currencies, have a market capitalization of $242.8 billion as of May 14, reflecting a 51.9% increase over the past year, with global interest in stablecoin regulations rising.
