PANews reported on October 27th that Canada is negotiating stablecoin regulations and may announce a major update in next week's federal budget, according to people familiar with the matter. These people said government officials have been in intensive discussions with regulators and industry participants for weeks. Canadian Finance Minister Francois-Philippe Champagne is reportedly expected to address the issue in his budget document, due on November 4th. In July of this year, the United States passed the Genius Act, authorizing financial regulators to oversee stablecoin issuers and their reserve management practices, and requiring issuers to comply with regulations to prevent money laundering and sanctions evasion. This new law was welcomed by many in the crypto industry. However, in Canada, due to the lack of relevant legislation, regulators have stated that stablecoins may constitute securities or derivatives. Some experts believe that they should be regulated as payment instruments and subject to strict oversight.