[Canada Proposes Banning Direct Cryptocurrency Issuance by Financial Institutions; Stablecoins Must Be Issued Through Independent Non-Financial Subsidiaries] The Canadian government has announced a budget bill that would prohibit federally regulated financial institutions from directly issuing cryptocurrencies and require stablecoins to be issued only through independent non-financial subsidiaries regulated by stablecoin laws. According to the budget bill announced on November 5th, issued cryptocurrencies must include reserve guarantees such as redemption at par and asset segregation, and will not be included in public deposit insurance or government-guaranteed schemes. The Bank of Canada will be responsible for the registration of issuers and the supervision and enforcement of regulatory compliance. Meanwhile, the stablecoin regulatory framework is expected to take effect next fall.