From Tax Payments to Custody Services: How Canada’s Public and Private Sectors Are Going Crypto
- Chad Johnston
- Jul 19, 2025
- 3 min read
Did you know these Canadian municipalities and businesses are already embracing blockchain and cryptocurrency? Adoption isn’t on the horizon—it’s happening now.
Municipal Adopters Leading the Way
Town of Innisfil, Ontario
Innisfil became the first municipality in Canada to accept Bitcoin for property‑tax payments through a one‑year pilot with Coinberry Pay, letting residents settle taxes with crypto wallets that convert holdings to fiat in real time
.
City of Calgary, Alberta
Calgary launched its own blockchain‑backed “Calgary Digital Dollar” to promote local commerce. Residents and businesses can use the digital currency alongside Canadian dollars at participating merchants, reducing transaction fees and keeping spending within the city
Cities Today
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City of Vancouver, British Columbia
In December 2024, Vancouver’s City Council passed a motion to explore accepting Bitcoin for payment of taxes and fees—and even to convert part of its financial reserves into BTC to hedge against inflation—making it the first major Canadian city to seriously study municipal crypto integration
Nasdaq
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Private‑Sector Crypto Innovators
Coinberry Limited (Toronto)
Beyond powering Innisfil’s tax pilot, Coinberry is a CSA‑registered Crypto‑Asset Trading Platform offering retail Canadians seamless Bitcoin and Ethereum trading through its user‑friendly app
Bank of Canada
.
Bitbuy Technologies Inc. (Toronto)
One of the first Ontario Securities Commission‑regulated trading platforms, Bitbuy provides low‑latency access to a broad range of digital assets for retail and institutional clients alike
Bank of Canada
.
Coinbase Canada Inc.
The Canadian arm of Coinbase became the first international exchange to secure restricted‑dealer registration with Canadian securities regulators, marking major institutional confidence in the local market .
VirgoCX (Vancouver)
Recognized by the Canadian Securities Administrators as an authorized trading platform, VirgoCX offers Canadians competitive, commission‑free trading in 40+ cryptocurrencies with instant CAD funding
Bank of Canada
.
Convergence.tech (Toronto)
This digital‑transformation consultancy deployed its Ethereum‑based “Backbone” traceability platform for a UNDP‑backed cashmere project in Mongolia—proof that blockchain’s utility extends well beyond finance
Global Government Fintech
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KPMG Canada
KPMG’s Canadian offices have directly invested corporate‑treasury funds into Bitcoin and Ethereum and spun up a dedicated crypto‑ and blockchain‑advisory unit to guide clients through DeFi and NFT landscapes
.
Major Canadian Banks (RBC, TD, Scotiabank, BMO, CIBC)
All of Canada’s Big Five have participated in Payments Canada’s Project Jasper and related blockchain experiments—laying the groundwork for offering custodial and custody‑adjacent services by late 2025, under new OSFI guidelines that explicitly permit banks to provide crypto‑asset custody in a safe and sound manner
Payments Canada
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Modern Mining Ltd. (Medicine Hat, AB)
Modern Mining operates one of Canada’s largest Bitcoin‑mining facilities, leveraging industrial‑scale immersion‑cooling to optimize energy efficiency and shareholder returns
Bank of Canada
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Calgary Police Service & Chainalysis
CPS teamed up with Chainalysis to launch the Western Canada Cryptocurrency Investigations Centre, training investigators and deploying blockchain‑analysis tools to tackle illicit crypto‑activity
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Dapper Labs (Vancouver)
Maker of the Flow blockchain and the smash‑hit NBA Top Shot NFTs, Dapper Labs has drawn over USD $300 million in funding to bring mainstream users into the blockchain ecosystem
Global Fintech & Digital Assets Blog
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Banks Poised to Offer Crypto Custody
Canada’s banking regulator, OSFI, finalized its Capital and Liquidity Treatment of Crypto‑asset Exposures guideline in February 2025, explicitly allowing federally regulated banks and trust companies to hold and safeguard client crypto-assets in a fiduciary or non‑fiduciary capacity
. Having already participated in high‑profile blockchain pilots like Project Jasper, institutions such as RBC, TD and Scotiabank are now building the infrastructure and compliance frameworks required to roll out secure, insured custody services for institutional and high‑net‑worth clients by year‑end
Payments Canada
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Why This Matters
Mainstream Validation: Municipal pilots and bank collaborations prove blockchain isn’t just experimental—it’s enterprise‑ready.
Diverse Use Cases: From tax payments and local currencies to supply‑chain traceability and digital collectibles, blockchain solutions span industries.
Regulatory Alignment: OSC/CSA registrations and OSFI’s crypto‑asset guidelines signal that Canada’s financial framework is evolving alongside innovation.
As more Canadian cities and established companies integrate crypto and blockchain, the window for becoming an early mover is closing. If you haven’t yet explored how these technologies can benefit your organization—whether by streamlining payments, enhancing transparency, or opening new revenue streams—now is the time to act.
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