Summary#

This bill orders the Minister of Finance to create a national framework to support the growth of the cryptoasset sector. It sets consultation rules, timelines, and reporting duties, but it does not change taxes, securities rules, or consumer protections. “Cryptoassets” are defined as digital assets secured by cryptography (like blockchain) that do not rely on a central authority (Interpretation).

• Requires a framework that lowers barriers to entry, protects people working in the sector, and minimizes red tape (National Framework on Cryptoassets (1)-(2)).
• Sets formal consultations with experts named by provinces and territories, plus public input (Consultations (1), (3)).
• Bars recent lobbyists and federal public-sector employees from the designated expert group (Consultations (1)(b)-(c)).
• Publishes designated experts’ submissions within 1 year of the Act coming into force (Consultations (4)).
• Tables a draft framework in Parliament within 18 months after those submissions are published, then invites 3 months of public comment (Draft framework (1), (3)).
• Tables the final framework within 3 years of the Act coming into force and publishes it within 10 days (Reporting Requirements (1)-(2)).
• Provinces are not required to implement anything outside federal jurisdiction (Implementation Clarification).

What it means for you#

• Households

  • No immediate change to taxes, banking, or consumer protections. The bill creates a plan and consultation process, not new rules (entire Act).
  • You can submit written comments during two windows: initial public submissions, and comments on the draft framework for 3 months after notice (Consultations (3); Draft framework (3)).

• Workers in the crypto sector

  • The framework must consider protections for people working in the sector (National Framework on Cryptoassets (2)).
  • Provinces and territories may nominate people with experience in the sector to give written submissions within 3 months of the Act coming into force (Consultations (1)-(2)).
  • To be a designated expert, you must not have been required to file a lobbying return under the Lobbying Act in the past 5 years and must not be a federal public servant or Crown corporation employee (Consultations (1)(b)-(c)).

• Businesses (crypto firms, startups, service providers)

  • No direct regulatory changes now. The goal is to reduce barriers to entry and administrative burden in the future framework (National Framework on Cryptoassets (2)).
  • You can submit written input as part of the public process and on the draft framework (Consultations (3); Draft framework (3)).

• Provinces and territories

  • You can designate experienced sector participants to submit written views; their submissions will be published within 1 year of the Act coming into force (Consultations (1), (4)).
  • You are not required to adopt any measures that fall under provincial jurisdiction (Implementation Clarification).

• Timeline (after the Act comes into force)

  • Within 3 months: Minister invites written submissions from designated experts (Consultations (2)).
  • Within 1 year: Department of Finance publishes designated experts’ submissions (Consultations (4)).
  • Within 18 months after that publication: Minister tables a draft framework in both Houses; finance committees receive it; 3-month public comment window opens (Draft framework (1)-(3)).
  • Within 3 years: Minister tables the final framework; publishes it within 10 days (Reporting Requirements (1)-(2)).

Expenses#

Estimated net cost: Data unavailable.

• No direct spending or appropriations are in the bill (entire Act).
• The Department of Finance will incur administrative costs to run consultations, publish submissions, draft reports, and manage public comments. Data unavailable.
• No fiscal note identified. Data unavailable.

Proponents' View#

• A clear federal framework can reduce uncertainty, which may lower barriers to entry and administrative burden for firms (National Framework on Cryptoassets (2)).
• The consultation rules promote independence by excluding recent lobbyists and current federal employees from the designated expert group (Consultations (1)(b)-(c)).
• Transparency is built in: designated experts’ submissions, the draft framework, public comment notice, and the final framework must be published (Consultations (4); Draft framework (3); Reporting Requirements (2)).
• The process gives Parliament oversight through tabling and committee referral, which can improve quality and accountability (Draft framework (1)-(2); Reporting Requirements (1)).
• Provincial input is formalized while respecting jurisdiction, since provinces are not compelled to implement measures outside federal powers (Consultations (1); Implementation Clarification).

Opponents' View#

• The Act creates process but no immediate regulatory clarity or consumer protections, which may delay action for up to 3 years after coming into force (Reporting Requirements (1)).
• The definition of “cryptoassets” excludes assets that rely on a central authority, which may leave out parts of the digital asset market and narrow the framework’s scope (Interpretation).
• Excluding recent lobbyists could reduce conflicts of interest but may also limit input from some knowledgeable industry participants (Consultations (1)(b)).
• Administrative work will require staff time and resources at the Department of Finance; the bill provides no funding or cost estimate, creating budget uncertainty. Data unavailable.
• Provinces are not required to act, so the framework could have uneven uptake across Canada, reducing effectiveness (Implementation Clarification).