Unlocking Canada’s Crypto Opportunity in the 2025 Federal Budget
TLDR: The Canadian government will table its 2025 federal budget on November 4. This is our chance to reestablish Canada’s leadership in digital assets. We’re calling for a national blockchain strategy, a short-term crypto task force, and a clear path to stablecoin regulation. These steps will modernize our financial system and deliver real benefits for Canadians
Why This Budget Matters
As the world accelerates to embrace the digital economy, Canada needs a federal framework to ensure stablecoins are treated as payment instruments. The upcoming budget is critical to securing this future.
Canada has always been a pioneer in crypto - Ethereum was created here and it’s home to the world’s first Bitcoin ETF. The passing of the Genius Act is a clear signal that stablecoins are here to stay. It’s time we see clear regulation that fosters more innovation and de-risks adoption in traditional financial institutions.
Stablecoins have the potential to benefit millions of Canadians and every business that collects revenue. Today, moving fiat in Canada is slow and expensive. A clear digital asset framework could unlock over $5 billion in additional GDP by 2030 and make payments faster, cheaper, and more efficient.
Between 2019 and 2024, crypto adoption in Canada grew by 225%, bringing over 4 million new users into the market. Now with nearly five million Canadians already holding crypto, the demand for reform is clear. 86% of Canadians agree their financial system could use an update. The majority feel that the system is not fair for everyone (80%) and is out of touch (76%). Nearly a third of Canadians (29%) said they would be more inclined to buy cryptocurrency if there was more regulation in the industry.
We need leadership from the Canadian government to advance clear, innovation-friendly policies that will unlock the potential of Canada’s crypto ecosystem.
Budget Recommendations
Appoint a federal leader for blockchain: Canada needs one person with a clear mandate to coordinate across departments and regulators. Minister Evan Solomon, with his “Digital Innovation” portfolio, is best positioned to take on this role and set a unified direction.
Launch a 60-day task force: Industry and government should come together to map out Canada’s blockchain opportunity and recommend immediate next steps. This would show momentum and set the stage for long-term leadership.
Publish a national blockchain strategy: Coming out of the task force, Canada should establish a comprehensive strategy for digital assets, giving businesses and investors clarity about where the country is headed.
Send a positive signal: A clear statement of support for a regulated blockchain and crypto industry would give confidence to innovators and regulators alike. Direction matters, and tone from the top can set it.
Define the path to stablecoin legislation: Stablecoins should be treated as a way to pay, not securities. The 2025 budget should lay out a timeline for stablecoin legislation, with an interim framework to allow Canadian providers to innovate while the law is finalized.
Since launching in Canada in 2023, Coinbase has worked closely with Canadian regulators to establish a policy framework that protects consumers while embracing innovation. In recent months we’ve seen the government come to understand the opportunity of crypto.
The budget can be a turning point, charting a path for Canada to modernize its financial system to be modern, secure, and accessible for all.
About Lucas MathesonCountry Director, CanadaLucas Matheson is Coinbase's Canadian Country Director. He is committed to helping create a more equitable financial system in Canada through the power of blockchain.
Lucas has always believed in Coinbase’s mission. He opened his Coinbase account back in 2014, long before joining the company. In his role, he ensures Coinbase is built for Canadians and with their interests in mind. Working with partners, government and regulators, he is making crypto more accessible to Canadians.
Prior to Coinbase, he was the founder and CEO of Pinshape (exit Formlabs), and Senior Director at Shopify leading various operational and finance teams.
Lucas is passionate about entrepreneurship. He spends his spare time advising entrepreneurs and founders on how they can grow and scale, and actively invests in web3 projects and infrastructure.
