Shakepay Becomes First Canadian Crypto Platform to Offer Regulated Bitcoin-Backed Loans

On April 21, 2026, Shakepay – a CIRO-regulated cryptocurrency platform – began offering Bitcoin-backed loans to its 1.5 million Canadian users after receiving approval from Quebec's financial regulator, the Autorité des marchés financiers (AMF) .

This makes Shakepay the first Canadian crypto platform to offer regulated Bitcoin-backed loans .

Why Is This a First?

Until now, crypto-backed lending in Canada existed in a regulatory gray zone. Some platforms offered it, but none had explicit regulatory approval. Shakepay went through the proper channels, got AMF approval, and is now operating a fully regulated product .

What Does the Canadian Lenders Association Say?

The Canadian Lenders Association (CLA) has been preparing for this moment. Their 2026 End of Year Policy Report shows they have:

• Published Canada's first guide to crypto-backed lending
• Contributed thought leadership on regulated crypto lending
• Engaged legal, DeFi, and market stakeholders
• Advocated for innovation-friendly, harmonized regulation 

The CLA notes that implementation of stablecoin regulation is expected through 2026–27, with the Bank of Canada now responsible for supervising stablecoin issuers under the Retail Payment Activities Act .

Bank of Canada's New Role:

The Bank of Canada has expanded responsibilities in digital finance. In addition to supervising payment service providers (PSPs), the Bank will now oversee stablecoin issuers and the framework for consumer-driven banking (open banking) .

What This Means for Borrowers:

This is a significant step for Canadian borrowers. Regulated crypto-backed loans offer:

• Investor protection – Regulators are watching
• Clear terms – Disclosure requirements apply
• Accountability – You have recourse if things go wrong

What You Can Learn:

Canada is positioning itself as a leader in regulated crypto finance. While the US Congress debates the "Crypto Clarity Act" with delays, Canada's regulators are moving forward with practical frameworks .

Step-by-Step Action:

Step 1: If you are in Canada and considering crypto-backed loans, look for platforms that explicitly mention regulatory approval (AMF in Quebec, CIRO registration federally).

Step 2: Understand that regulated products have disclosure requirements. Ask for the loan-to-value (LTV) ratio, interest rate, and liquidation terms in writing.

Step 3: Be aware that the Bank of Canada now has oversight of stablecoin issuers. This adds a layer of protection for borrowers using stablecoin-based products