Head of Sales & OTC Trading @Netcoins | Crypto, stablecoins, tokenization & market structure | Views are my own, not investment advice.
Toronto, ON, Canada
Joined January 2021
- Tweets124
- Following180
- Followers60
- Likes169
Pinned Tweet
Canada's stablecoin regs, clause by clause. Index:
1. Yield nitter.gq/AndrewBulman5/status/2…
2. Exemptions nitter.gq/AndrewBulman5/status/2…
3. Redemption nitter.gq/AndrewBulman5/status/2…
4. Fees nitter.gq/AndrewBulman5/status/2…
5. Wallets nitter.gq/AndrewBulman5/status/2…
Comments due Dec 23. What should Part 6 cover?
Canada's stablecoin regs, clause by clause. Part 5: wallets and payment processors.
About 30 crypto firms, including custodial and software wallets, would join the Retail Payment Activities Act.
Custodial wallets must plan for the issuer failing** Fair ask?
nitter.gq/AndrewBulman5/status/2…
1
72
Andrew Bulman retweeted
This Thursday, the EBA takes over supervision of $USDC's reserves, liquidity, and own funds. In the US, FinCEN and the Federal Reserve dropped their plan to lower the travel rule threshold for cross-border transfers.
Regulatory Radar, week of 9 November:
US
• The travel rule threshold stays at $3,000
• OFAC sanctioned eight Canadian money services for Iran sanctions evasion and listed six TRX addresses
• The OCC published an AI supervisory framework for banks (Bulletin 2026-54)
EU and UK
• The European Commission set up a crypto sanctions task force
• FCA: firms that apply by 28 February can keep operating while their application is still pending. Later applicants can't take on new UK clients
Hong Kong
• HKMA's discussion paper on agentic AI in banks takes feedback until 1 February
Upcoming deadlines
• 12 Nov: EBA begins supervising USDC
• 17 Nov: Bank of Thailand stablecoin consultation
• 18 Nov: FCA CP26/36 and GC26/7, CFTC event contracts
• 23 Nov: OCC GENIUS forms
• 30 Nov: Fed GENIUS proposal, ADGM DeFi guidance
The GENIUS Act takes effect in 70 days.
Hacken maps each requirement to your current controls and shows which evidence to build first: hackenio.cc/compliance_scope
Canada's stablecoin regs, clause by clause. Part 2 update:
Part 2 said banks sit outside the Stablecoin Act. Budget 2026 proposes federally regulated FIs could issue only through a non-FI subsidiary regulated under the Act.
Still a moat, or an on-ramp? nitter.gq/AndrewBulman5/status/2…
Canada's stablecoin regs, clause by clause. Part 2: who's exempt.
Banks, credit unions and trust companies sit outside the Stablecoin Act.
Non-bank issuers must keep reserves with a Canadian-incorporated institution.
Quiet winners? The banks.
Smart ring-fencing, or a moat?
1
1
17
Sources (proposals, not law): Budget 2026, Ch. 1 pp. 149-150 and Annex 3 p. 366 (FRFIs issue only via a non-FI subsidiary under the Act; Act would also extend to foreign FIs not prudentially regulated in Canada): budget.canada.ca/2026/report…
Blakes (Nov 9): blakes.com/insights/2026-fed…
1
8
Contrarian take: the stock-perps fight won't be won by the better product.
It turns on one word: expiry.
No expiry date = a swap, SEC turf, argues a group whose members include Cboe and Citadel Securities. Still a future, say Coinbase, Kalshi and Kraken's parent.
Which is it?
1
1
19
Today @Coinbase, @Kalshi, @Payward, DRW Holdings, @Jumptrading, and @Paradigm moved for leave to file an amicus brief defending the @CFTC’s authority to regulate single stock perpetuals in the US.
The law is clear. Under the CEA and the securities futures framework Congress established in 2000, security futures products are not “swaps.”
Others would rather litigate than compete with innovative products that promise to open up new markets and financial opportunities for American investors with the oversight and investor protection of the @CFTC and @SECGov built in.
Killing innovation won’t stop these products. It will just keep them offshore and unregulated. We’ve been working for years to onshore equity perps in a responsible and regulated way and won’t stop until we bring these products to our customers.
Read more in our brief 👇🏼
1
8
Securitize's first quarter as a public company is a rare look at what tokenization actually earns.
The assets grew fast. The revenue didn't:
Avg tokenized assets: $5.0B, +39% YoY
Total revenue: $18.6M, +13%
Adj. EBITDA: -$2.0M 🧵
1
1
22
So the River One deal reads as strategy, not a side bet: warehouse financing against tokenized assets, using stablecoin capital. Expected to close in Q4.
My read: issuing tokens is becoming plumbing. Lending against them is where the margin is.
Thoughts?
1
9
Sources: Securitize Q3 2026 results, Nov 9, 2026 (SEC Exhibit 99.1; all figures YoY vs Q3 2025): sec.gov/Archives/edgar/data/…
River One acquisition: investors.securitize.io/news…
The read in post 3 is my opinion. Not investment advice.
9
The US just sanctioned 8 Canadian money services businesses for swapping Iranian money into crypto. Several also laundered drug cash, Treasury says.
All 8 have a Canadian MSB registration number on the OFAC listing.
Registration isn't supervision 🤔
1
1
27
Sources: US Treasury, Nov 6, 2026 (designations, drug-proceeds allegations, coordination with FinCEN and FINTRAC): home.treasury.gov/news/press…
OFAC listing (each entry shows a Canadian MSB registration number): ofac.treasury.gov/recent-act…
CBC: cbc.ca/news/canada/us-govern…
1
14
Canada's stablecoin regs, clause by clause. Part 5: wallets and payment processors.
About 30 crypto firms, including custodial and software wallets, would join the Retail Payment Activities Act.
Custodial wallets must plan for the issuer failing** Fair ask?
nitter.gq/AndrewBulman5/status/2…
Canada's stablecoin regs, clause by clause. Part 4: what it costs.
Issuers would fund the Bank of Canada's supervision bill, estimated at $2.5M a year.
And the formula has a quirk: a $1B issuer and a $100B issuer would pay the same. 🧵 #stablecoins nitter.gq/AndrewBulman5/status/2…
Sources: Canada Gazette, Part I, Oct 24, 2026, proposed Stablecoin Regulations + related RPAR amendments (RIAS: ~30 newly captured PSPs, ~$5,071/yr each, issuer-insolvency procedures, fall 2027 target): gazette.gc.ca/rp-pr/p1/2026/…
Comment by Dec 23: gazette.gc.ca/consult/consul…
1
4
Andrew Bulman retweeted
Every trader starts as a rookie! 🏒
New to Netcoins? Sign up for a chance to win 1 of 2 Gavin McKenna Toronto Maple Leafs jerseys.
No purchase necessary. Open to Canadian residents. Ends Dec 4.
Enter: netcoins.app/GW112026
Terms: netcoins.com/rookie-season
#LeafsForever #Leafs #leafsnation
Canada's stablecoin regs, clause by clause. Part 4: what it costs.
Issuers would fund the Bank of Canada's supervision bill, estimated at $2.5M a year.
And the formula has a quirk: a $1B issuer and a $100B issuer would pay the same. 🧵 #stablecoins nitter.gq/AndrewBulman5/status/2…
Canada's stablecoin regs, clause by clause. Part 3: redemption.
Any holder. Any amount. 1:1 within 3 business days.
Fee cap: 1%, with 7 days' notice to start or raise fees.
The catch: issuers can limit daily redemptions if reserve markets dry up.
Fast enough for a 24/7 asset?
1
38
Inside a tier, size doesn't change the bill. Crossing a line does: the base fee jumps from $25K to $350K at $500M, and to $750K at $1B.
Right design for a young CAD market, or should fees scale with size? Comments close Dec 23.
1
7
Sources (all figures): Canada Gazette, Part I, Oct 24, 2026, proposed Stablecoin Regulations, s.34 and the Regulatory Impact Analysis Statement: gazette.gc.ca/rp-pr/p1/2026/…
Comment by Dec 23: gazette.gc.ca/consult/consul…
9