Ontario’s securities regulator wants to retain its role in supervising how stablecoins are used on crypto trading platforms, but is prepared to leave some oversight of the crypto tokens to federal authorities as Ottawa develops a new regulatory framework.

Grant Vingoe, CEO of the Ontario Securities Commission (OSC), said on a panel at The Logic Summit that the regulator views stablecoins as securities or potentially derivatives, but sees little reason to impose overlapping requirements when another regulatory regime already addresses the same risks.

“There’s no need to assert jurisdiction when it’s not serving a purpose,” Vingoe said.

His comments come as Ottawa moves to implement its Stablecoin Act, which establishes a federal framework for non-bank issuers of fiat-backed digital tokens designed to maintain a stable value against traditional currencies. To date, it hasn’t been clear whether provincial securities regulators will maintain oversight of stablecoins traded on crypto platforms once the act comes into effect. 

The approach reflects a broader divergence between Canadian and U.S. securities regulators, as American authorities embrace a wider range of digital assets and speculative investment products under U.S. President Donald Trump’s administration. The U.S. has passed legislation that explicitly clarifies that stablecoins are not securities, which makes it much easier to use them for everyday payments without triggering taxes and investor protection rules.

Vingoe said Canada must consider its own market structure and history of investor losses rather than automatically adopt U.S. reforms. He pointed to prediction markets, where Canadian regulators have restricted access to certain financial and economic contracts through approved investment dealers, rather than permitting the wider range of bets available south of the border.

The OSC is also negotiating the terms of Ontario’s entry into Canada’s two-way securities passport system, he said, which lets market participants deal primarily with one provincial regulator when seeking approvals across participating jurisdictions. 

Ontario has retained the authority to make its own decisions on prospectus approvals and exemptions, even when another province is the main regulator for the offering.

Vingoe said joining the passport system would help streamline approvals, reduce interprovincial regulatory barriers and help harmonize securities regulation across the country.

Meanwhile, the OSC is taking a similarly cautious approach to artificial intelligence.

Vingoe said existing securities rules requiring human supervision, risk management and controls provide a starting point for overseeing investment firms’ use of AI, including for portfolio selection and client services.

The regulator is open to introducing additional requirements if those protections prove insufficient, but it wants to better understand how firms are using the technology before developing a comprehensive AI code of conduct, he said.

“We don’t want to intervene too early,” Vingoe added.

The OSC is increasingly using technology to combat online investment fraud, including tools that have helped it remove thousands of fraudulent websites, he said. The regulator is also making greater use of its powers to pursue serious fraud and market manipulation cases, at a time when Canadian authorities face mounting pressure to strengthen their response to white-collar crimes. 

“We’re looking forward to having a close relationship with the federal crime agency once it’s launched, so that we can really take on this perception comprehensively that Canada is lighter on white-collar crime,” he said.

Read more from The Logic Summit 2026 here.