Canada Launches Project Samara to Test Tokenized Bonds

On March 5, 2026, the Ontario Securities Commission (OSC), the Autorité des marchés financiers (AMF), and the Canadian Investment Regulatory Organization (CIRO) approved Project Samara, a pioneering experimental research initiative in Canada. This project involves a consortium that includes RBC Dominion Securities Inc., RBC Investor Services Trust, TD Securities, the Bank of Canada (BoC), and Export Development Canada (EDC). Project Samara aims to evaluate a distributed ledger technology platform operated by RBC, focusing on the lifecycle of bond transactions, including tokenized bond issuance, bidding, coupon payments, redemptions, secondary trading, and settlement using digital representations of Canadian dollars.

Regulators and banks test tokenized bonds in live Canadian market pilotOSC, AMF and CIRO approved first of its kind financial services platform test in Canada

The approval of Project Samara underscores the commitment of Canadian regulators to foster innovation within the capital markets. Leslie Byberg, Executive Vice President of Strategic Regulation at the OSC, emphasized that the regulators are supporting responsible innovation by providing tailored regulatory pathways for tokenization pilots, ensuring investor protection and market integrity. Hugo Lacroix, Superintendent of Securities Markets and Distribution at the AMF, reiterated the regulators' dedication to building competitive Canadian markets for the future.

OSC, AMF and CIRO approved first of its kind financial services platform test in Canada

In addition to Project Samara, the Canadian Securities Administrators (CSA) have launched Project Tokenization, which aims to address issues related to tokenized products and their compliance with Canadian securities laws. The CSA encourages stakeholders to engage in this initiative to facilitate informed responses to market innovations.

OSC, AMF and CIRO approved first of its kind financial services platform test in Canada

Tokenization refers to the creation and representation of assets using distributed ledger technologies, which is gaining traction globally among financial institutions and asset managers. The findings from Project Samara will be documented in a research report that assesses the benefits of utilizing distributed ledger technology for bond issuance and trading. This initiative is part of a broader international movement towards harmonized regulatory standards to manage risks and unlock the advantages of tokenization.

OSC, AMF and CIRO approved first of its kind financial services platform test in Canada

While the project has received regulatory backing, there are concerns regarding the potential risks associated with tokenized products. Critics argue that without robust regulatory frameworks, the introduction of such innovations could lead to market instability or investor protection issues. The OSC's mandate includes safeguarding investors from unfair practices and ensuring market confidence, highlighting the delicate balance regulators must maintain as they support innovation.

OSC, AMF and CIRO approved first of its kind financial services platform test in Canada

As Project Samara progresses, the consortium will publish its key findings, which may influence future regulatory approaches to tokenization in Canada. The ongoing collaboration between regulators and financial institutions will be crucial in shaping the landscape of Canadian capital markets as they adapt to new technologies.

OSC, AMF and CIRO approved first of its kind financial services platform test in Canada

• “Canadian securities regulators are supporting responsible innovation in the capital markets by granting novel exemptive relief for tokenization pilots where investor protection and market integrity are appropriately addressed,” — Leslie Byberg, Executive Vice President, Strategic Regulation, OSC

OSC, AMF and CIRO approved first of its kind financial services platform test in Canada

• “The regulatory platforms we provide will support the testing of novel market structures, business models and products by providing appropriate and tailored regulatory pathways to bring new platforms and products to market in Canada,” — Hugo Lacroix, Superintendent, Securities Markets and Distribution, AMF

OSC, AMF and CIRO approved first of its kind financial services platform test in Canada