Canada’s Office of the Superintendent of Financial Institutions (OSFI) said tokenized deposits have the same legal character as conventional deposits and remain governed by the existing federal framework for banking activities. The regulator’s technology-neutral approach means recording a deposit on a blockchain or another network does not create a separate financial instrument or alter the issuing bank’s obligations. Federally regulated institutions remain responsible for legal and compliance duties, including where they use third-party technology providers, and should consult their OSFI lead supervisors before introducing new products or services. The position comes as banks test tokenized deposits for payments and settlement, while Canada develops a separate framework for fiat-backed stablecoins.