Five bold steps Canada’s new government can take to lead the digital asset economy

Key takeaways:

1. Allow direct access to bitcoin with TFSAs, FHSAs, and RRSPs
2. Rethink digital asset regulations
3. Create a clear path for a Canadian stablecoin
4. Modernize Canada’s banking system for the digital economy
5. Expand consumer-driven banking to include investment accounts and digital assets

With a new federal government taking office, Canada faces a pivotal moment. 

Around the world, countries like Singapore, Japan, the UK, the European Union, and the United States are setting the pace in the fast-moving digital asset economy. The choices Canada makes today will determine whether it leads the next wave of financial innovation—or gets left behind.

There’s time for talk and there’s time for action. At Shakepay, we’re ready for action. 

Canada needs a smart, forward-looking policy that supports innovation, attracts investment, creates more jobs, and empowers Canadians.

It’s time for federal policymakers to act. Here are five bold moves that federal leaders can make now to help lead Canada into the next wave of financial innovation.

Disclaimer: This content is for informational purposes only and should not be considered financial or investment advice. Always do your own due diligence and consult a registered financial advisor before making investment decisions.

1. Modernizing access: Allow direct exposure to bitcoin in TFSAs, FHSAs and RRSPs

Canadians want more control over their financial futures—and one meaningful way to deliver it is by allowing them to hold bitcoin directly in their Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs).

According to a 2025 report by the Bank of Canada, nearly 1 in 10 Canadians have bought bitcoin, and our recent customer survey shows that 68% of crypto users say they want the option to hold it in their registered accounts. But right now, the current rules only allow investors access to bitcoin ETFs—products that add unnecessary costs, limit flexibility, and deny Canadians true ownership of the asset itself.

Bitcoin is considered by some as a  a potential hedge against inflation, much like gold. Since its supply is capped at 21 million units, bitcoin is designed to be resistant to the kind of dilution that can occur when central banks print more money, or when public companies issue new stock. As people grow more concerned with the stability and value of traditional currencies, many Canadians are exploring bitcoin as an alternative way to protect their purchasing power over time.

Recognizing bitcoin as a "qualified investment" would give Canadians the same options they already have with other inflation-resistant assets, like gold and silver. Without this change, Canadians are missing out on a tax-friendly way to grow their savings in an increasingly digital economy.

There’s no need to reinvent the wheel here, either. Purchases could be made through Canadian Investment Regulatory Organization (CIRO)-approved dealers, such as Shakepay, all under existing regulations to ensure consumer protection.

This simple, practical policy change would empower individuals, encourage long-term savings, and signal that Canada is serious about leading in financial innovation.

2. One size does not fit all: Re-thinking digital asset regulations 

Right now, most of Canada’s crypto regulation is based on securities law, which is mainly designed to oversee things like stocks, bonds, and investment products. Security, as defined by cases like the U.S. 's Howey Test and Canada’s Pacific Coin ruling, typically involves an investment where people expect profits driven by the efforts of others—like a public company managing a product.

That works for some crypto use cases—like trading platforms offering tokens tied to startups with a founding team promising returns—but leaves a major gap for crypto assets used outside of investing, like stablecoins for payments. These types of assets fall into a grey area because there aren’t clear rules for how they should be treated.

The bigger issue is that Canada’s regulatory system is scattered. While the Canadian Securities Administrators (CSA) have been active, federal bodies like the Office of the Superintendent of Financial Institutions (OSFI), the Bank of Canada, and the Financial Consumer Agency of Canada (FCAC) have stayed relatively quiet, creating confusion about who regulates what.

This lack of clarity—particularly the absence of a clear definition for different types of crypto assets—makes it difficult for businesses to navigate compliance, especially those building payment solutions or decentralized infrastructure. This has put a major strain on innovation, and we risk missing out on valuable economic activity as it moves elsewhere.

Canada has a real opportunity to lead here by moving beyond a one-size-fits-all securities approach. A modern, principles-based framework should clearly define crypto asset categories and establish regulatory responsibilities: 

• Federal agencies oversee digital assets classified as payments, and consumer protection and prudential oversight; 
• Provincial regulators oversee digital assets classified as investment products/securities

The European Union’s Markets in Crypto-Assets (MiCA) regulation offers a useful model—not only for coordinating across jurisdictions, but also for how digital assets can be clearly defined. Canada could pursue a similar federal-provincial alignment, led by the Bank of Canada and the CSA, to create a unified, innovation-friendly regulatory environment.

With clear definitions and better coordination, Canada can build a regulatory system that keeps consumers safe, supports a strong financial system, and gives entrepreneurs the confidence to grow the digital economy right here at home.

3. Create a clear path for a Canadian stablecoin

Canada’s payments infrastructure is lagging, with real-time rails delayed for years and no definitive launch date in sight.

At Shakepay, we see strong demand from users for low-friction, Canadian dollar-backed options for everyday transactions. A stablecoin could be a game-changer, offering a faster, cheaper, and more efficient way to move money—one that’s powered by the market, not outdated systems.

But right now, stablecoins are treated like securities under existing regulations. That makes it near impossible to build something Canadians can actually use. The result? Innovation is happening elsewhere, particularly in Europe and the United States.

One potential solution: the new Minister of Finance should update the Retail Payments Activities Act to treat stablecoins as units of payment, not securities. This would allow stablecoin development under the Bank of Canada’s oversight, making sure Canadian consumers are protected without stifling innovation.

With the right framework, a Canadian stablecoin could:

• Enhance competition
• Support fintech innovation
• Transform Canada’s payments landscape 

To bring real-time payments to Canadians, we need a unified, principles-based framework that respects provincial roles while creating national clarity. A coordinated approach would cut red tape, attract investment, and give Canadian innovators the confidence to build—keeping Canada competitive in the digital economy.

4. Modernize Canada’s banking system for the digital economy

Access to banking is still a major barrier for crypto and fintech companies in Canada. Even fully compliant businesses often face account closures, delays, or blanket refusals from traditional banks. That severely limits their ability to operate, hire, and grow.

A big reason for this is the lack of clear, federal guidance, leaving banks unsure and overly cautious. That kind of uncertainty puts a freeze on innovation—and drives Canadian entrepreneurs to build in places with more support.

Meanwhile, other jurisdictions have taken action:

• In the U.S., federal guidance from agencies like the Office of the Comptroller of the Currency has helped clarify how banks can responsibly serve crypto companies. 
• In the European Union, MiCA has created a regulatory framework that gives banks the confidence to engage with digital asset firms

The federal government needs to modernize the banking system for today’s digital economy. That starts with clear guidance on how banks can work with crypto businesses, integrate digital assets into open banking standards, and encourage real collaborating between banks and fintechs. 

By removing unnecessary hurdles and creating a fair, open playing field, Canada can unlock investment, empower homegrown innovators, and make sure the next wave of fintech success stories is built right here at home.

5. Expand consumer-driven banking to include investment accounts and digital assets

Canada’s consumer-driven banking framework, or open banking as it is called elsewhere, was announced in Budget 2024 and promised to give Canadians:

• Greater control over their financial information
• Enhanced data security
• Improved financial outcomes

While it’s a step in the right direction, to truly deliver on its potential, the framework must be future-proofed.

First, investment accounts need to be included in Canada’s open banking banking framework. Without this, Canadians risk losing out on a complete financial picture—undermining the very goals of the framework. 

Second, Canada needs to keep pace with the way finance is evolving. That starts by incorporating digital assets, like bitcoin and stablecoins, into its open banking system. 

As more Canadians turn to digital currencies—whether as a store of value or to explore new financial tools—it’s important that these assets are recognized as part of the broader financial system. A modern framework that connects traditional finance with the growing digital economy would help Canadians get the most out of today's financial services while ensuring their digital asset holdings count when making big financial decisions, like applying for a mortgage or line of credit.

Open banking can be a powerful tool for competition, innovation, and financial empowerment—but only if it’s designed with the future in mind. If we want open banking to work as it is intended to, Canadians need to have access to the full range of financial products, both traditional and digital. 

Canada’s moment is here

These recommendations are calls for creating clarity, enabling competition, and giving Canadians the tools to confidently participate in the next generation of financial innovation.

The next wave of innovation is already underway. The question is: will Canada lead, or be left watching from the sidelines?

With forward-thinking policy, we can position Canada as a global leader in digital assets—supporting jobs, investment, and financial freedom for all Canadians.

At Shakepay, we’re committed to building a more open and innovative financial future for all Canadians—and we’re ready to work with policymakers to make it happen.

Now is the time to act.