Circle announced this week that USDC became the first stablecoin to gain compliance with new Canadian digital asset regulations.

Canada’s new regulations call for delisting noncompliant stablecoins after December 31st.

Circle’s compliance means USDC, which aims to maintain a 1:1 peg with the US dollar, can trade on crypto exchanges in the Canadian market, according to a new press release.

Dante Disparte, chief strategy officer and head of global policy at Circle, says the new development underscores the stablecoin issuer’s regulatory efforts.

“The Canadian Securities Administrators’ proactive approach in providing a digital asset regulatory framework reinforces the integrity of digital asset markets, while ensuring continued reliance on USDC across Canada’s burgeoning ecosystem.”

The announcement comes as Circle launched a new wave of layoffs, Bloomberg reports. A company spokesperson tells the news outlet the downsizing was routine and represented less than 6% of the firm’s workforce.

“Circle regularly reviews our investments and expenses. This includes investing in teams and operational infrastructure that need to grow, while marginally reducing spend and some roles in other areas of the business.”

This summer, USDC and Circle’s euro-pegged stablecoin EURC also achieved compliance with the European Union’s Markets in Crypto Assets (MiCA) regulations.

MiCA is upcoming EU legislation that will provide rules covering the supervision, consumer protection and environmental safeguards of crypto assets.

The law includes measures that aim to reduce financial crimes including market manipulation, money laundering and terrorist financing, and it places stablecoin issuers under the European Banking Authority while requiring them to hold sufficient liquid reserves.

It’s also scheduled to take effect in December 2024.

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The body of Kevin Mirshahi, a 25-year-old cryptocurrency influencer who had been missing since June, was found dead.

Mirshahi’s body was discovered in Montreal’s Île-de-la-Visitation Park, as confirmed by the Sûreté du Québec, according to the Montreal Gazette. 

A passerby came across his decomposing body, prompting an investigation that identified him through an autopsy.

The case, which marks Montreal’s 32nd homicide of 2024, has highlighted a concerning pattern of violence within the crypto community, raising questions about the safety of high-profile figures in the sector.

Timeline of Mirshahi’s disappearance and death

Mirshahi’s disappearance occurred on June 21. Early that morning, he and three others were allegedly abducted from a condo building in Old Montreal.

Montreal police were alerted after receiving a 911 call about a disturbance at a residence near de la Commune and St-Hubert Streets, according to The Gazette.

While the three other abductees were quickly located, Mirshahi remained missing, prompting police to escalate the investigation to the SQ.

During the initial investigation, police identified Joanie Lepage, a 32-year-old woman from Les Cèdres, Quebec, as a suspect, per The Gazette.

In August, she was arrested and charged with first-degree murder and involvement in Mirshahi’s abduction. Authorities allege that Lepage played a role in concealing Mirshahi’s death, though investigations are ongoing to determine if other suspects may have been involved.

Mirshahi’s background in crypto 

Mirshahi was a prominent figure in Montreal’s cryptocurrency scene, primarily due to his management of a private investment firm called “Crypto Paradise Island,” per The Gazette.

His activities in the crypto space attracted public and regulatory scrutiny, particularly from Quebec’s investment authority, the Autorité des Marchés Financiers.

The AMF placed restrictions on Mirshahi in 2021, barring him and two associates from acting as investment advisers or conducting securities transactions. Two weeks after his disappearance, this ban was reinforced in July 2024, limiting his online activities and requiring him to cease promoting related content on social media.

This case isn’t the first crypto-related crime that happened in Canada this month. On Nov. 6, Toronto police investigated the kidnapping of WonderFi CEO Dean Skurka, who was abducted in downtown Toronto and released after a $1 million ransom was paid electronically.

Crypto exchange Gemini has announced its exit from the Canadian market, joining several other platforms that have left due to the country’s strict regulatory environment.

Canadian customers of the Winklevoss-founded exchange reported receiving an email urging them to withdraw their funds by Dec. 31, giving them 90 days to move their assets.