Tanim Rasul, COO of NDAX, criticized Canada for its classification of stablecoins as securities and derivatives, a decision made in December 2022 following the collapse of FTX. Speaking at the Blockchain Futurist Conference in Toronto, Rasul emphasized that Canada should instead view stablecoins as payment instruments, as seen in the regulatory frameworks of Europe. He suggested that Canadian regulators might be reconsidering their approach to classifying stablecoins. Despite the regulatory challenges, Canada's digital asset market is reportedly thriving; it generated $224 million in revenue in 2024, with an expected growth rate of 18.6% annually until 2030. This showcases the resilience of the local crypto industry amidst stringent regulations. The market capital for stablecoins has reached approximately $242.8 billion as of May 14, marking a significant increase over the past year, indicating a robust demand for these assets as a key use case in the cryptocurrency landscape.

Source 🔗