What it is
Bill C-31 is the second law needed to put Budget 2025 into effect. It bundles several unrelated changes into one package. It sets federal rules for stablecoins and payment service providers. It expands tax reporting duties for people and platforms dealing in crypto. It bans most non-compete clauses in federally regulated jobs. And it changes how the Canadian Human Rights Commission is structured and governed.
Who it affects
Crypto exchanges and their users face new reporting paperwork. Fintech firms issuing stablecoins get a clearer legal path but tighter oversight. Workers in federal sectors like banking, telecom, and airlines gain more freedom to switch jobs. Employers in those sectors lose a common contract tool. People filing human rights complaints will deal with a restructured commission.
What changes
Stablecoin issuers and some payment firms will need to register federally and meet reserve and disclosure rules. Crypto platforms must report user transactions to the Canada Revenue Agency, similar to bank reporting. Non-compete clauses in most federally regulated employment contracts become unenforceable, with narrow exceptions. The Canadian Human Rights Commission gets a revised governance structure and updated complaint-handling powers.
Where it stands
The House passed the bill and sent it to the Senate. Senators began a pre-study on June 10, 2026, meaning committees are reviewing the text early. It still needs full Senate passage and royal assent before taking effect.
Pros & Concerns
👍 Pros
Clearer rules for stablecoins could reduce fraud risk and help legitimate fintechs operate. Crypto reporting closes a tax gap. Banning non-competes gives workers more bargaining power and mobility. Human rights reforms could speed up complaint handling.
👎 Concerns
Bundling unrelated policies into one budget bill limits detailed debate on each. Compliance costs for crypto and payment firms may push smaller players out. Some employers say non-compete bans weaken protection of trade secrets and training investments.
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official source using HillPulse's editorial AI · last refreshed Sun, 19 Jul 2026 06:18:07 GMT