Canada Crypto Update: Bill S-8 Crypto ATM Crackdown, New Stablecoin Rules and Bitcoin Near $75,000 — 10 Nov 2026

 

Canada's crypto rules are moving fast this week. Ottawa is pushing ahead with a tough new crackdown on crypto ATMs, new stablecoin rules for banks are on the table in Budget 2026, and Bitcoin is holding near $75,000 as traders wait for US inflation data due later today. Here is everything Canadian crypto holders need to know.

Bill S-8: A Crackdown on Crypto ATMs

The biggest story in Canada is Bill S-8, the Combatting Financial Crimes and Drug Trafficking Act, introduced in the Senate on 3 November 2026 and now at second reading. It is not law yet, but it shows where Ottawa is heading.

If passed, the bill would make it a criminal offence to operate a crypto ATM without a provincial or territorial licence, and cap crypto ATM use at $1,000 per person per 24 hours. It would also generally bar businesses from accepting cash payments of $10,000 or more, and tighten oversight of money-service businesses.

The government says studies link 85% to 98% of crypto ATM transactions to illicit activity, and estimates Canadians lost between $142 million and $284 million to crypto ATM fraud in 2024. The ban on unlicensed crypto ATMs would take effect 18 months after the bill becomes law.

What this means for ordinary Canadians: owning and using crypto is not affected. The rules target ATM operators and the businesses that move large amounts of cash, not everyday holders.

New Stablecoin Rules in Budget 2026

Budget 2026 also proposes new rules for bank-issued stablecoins. Ottawa intends to prohibit federally regulated financial institutions from issuing stablecoins directly. Instead, banks would have to issue them through non-financial-institution subsidiaries, which would fall under the Stablecoin Act. The framework would also be extended to certain foreign financial institutions not subject to Canadian prudential oversight.

The aim is to give banks a clear path into the stablecoin market without treating stablecoins like traditional bank deposits, and to put bank-affiliated issuers under the same dedicated rules as independent fintech companies.

Bitcoin Near $75,000 as US CPI Looms

Bitcoin is trading near $75,000 this morning, after finding buying support below $74,000 in each of the last two sessions. Ethereum is near $2,135. The Fear & Greed Index sits at 32, in fear territory.

Bitcoin closed last week around $74,968, below its 50-week moving average of roughly $75,200 to $75,500 — its first weekly close below that level in about two months. Glassnode data shows large traders on Hyperliquid have flipped from net long to net short on Bitcoin perpetuals.

The next big trigger is the US October CPI report, due at 8:30 a.m. ET today. US spot Bitcoin ETFs lost about $1.28 billion last week, and continued outflows are keeping sentiment cautious. If Bitcoin holds $75,000 and reclaims $76,000, a rebound becomes more likely; if it slips again, support near $74,000 will be in focus.

Canada in Brief

Canada was the first country to bring crypto under anti-money-laundering rules, and owning, buying, selling and spending crypto remains legal here. Trading platforms serving Canadians must be registered with a securities regulator and with FINTRAC. Everyday investors still face no leverage on crypto platforms and a $30,000 yearly net purchase limit on smaller coins outside the exempt list. Crypto gains are taxed by the Canada Revenue Agency when you dispose of them.

This is market news, not investment advice. Do your own research before making any financial decision.>