The Canadian Securities Administrators (CSA) has issued guidance on its interim approach to value-referenced crypto assets, particularly stablecoins. The CSA may allow trading of certain cryptocurrencies that reference the value of a single fiat currency, subject to terms and conditions. In February, the CSA stated that stablecoins "may constitute securities and/or derivatives," which Canadian crypto exchanges are prohibited from trading. However, if issuers maintain an appropriate reserve of assets with a qualified custodian and crypto exchanges offer stablecoins with transparent governance, operations, and reserve of assets, the CSA could allow those assets to be traded. The CSA warned that fiat-backed crypto assets satisfying the terms are still risky and should not be viewed as endorsed or risk-free.