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Canada Opens Consultation on Stablecoin Rules
The Canadian government has initiated a 60-day public consultation on draft stablecoin regulations, which include a ban on yield payments and require non-bank issuers to deposit their reserves with Canadian financial institutions. The consultation, ending on December 23, follows the government's earlier passage of the Stablecoin Act, which prohibits yield payments to customers. Some exchanges in Canada are already offering yield rewards on stablecoins, but the federal regulations would prohibit such payments and allow rewards linked to transactions.