Executive Summary
Shakepay, the Canadian cryptocurrency platform with more than 1.5 million registered users, began offering Bitcoin‑backed loans on 21 April 2026. The product received approval from the Autorité des marchés financiers (AMF), making Shakepay the first crypto trading platform in Canada to provide fiat credit secured by Bitcoin holdings.
What Happened
On 21 April 2026, Shakepay announced the rollout of its new lending service. Users can lock up Bitcoin as collateral and borrow fiat currency against it. The loans are structured to preserve the borrower’s crypto exposure while providing immediate liquidity.
The service launched after Shakepay secured regulatory clearance from the AMF, the province‑level authority that oversees financial markets in Quebec and, by extension, the broader Canadian crypto sector. The platform is rolling the product out to its existing user base, with eligibility determined by each user’s Bitcoin balance and compliance standing.
Background / Context
Shakepay has been a prominent player in Canada’s crypto ecosystem since its founding, offering a simple buy‑sell interface for Bitcoin and Ethereum. As a CIRO‑registered entity, the platform adheres to Canada’s stringent cryptocurrency regulations, which have evolved rapidly over the past few years.
The Canadian regulatory landscape has increasingly emphasized consumer protection and anti‑money‑laundering safeguards. The AMF’s approval of Shakepay’s loan product signals a growing comfort among regulators with crypto‑backed credit solutions, provided they meet stringent collateral and risk‑management standards.
Reactions
Industry observers have noted that Shakepay’s move could broaden access to credit for crypto‑savvy Canadians who prefer to keep their Bitcoin holdings intact. Analysts point to the service as a natural extension of the platform’s existing wallet infrastructure, allowing users to leverage their digital assets without selling them.
Consumer advocacy groups have welcomed the regulatory approval, emphasizing that the AMF’s oversight should help protect borrowers from predatory lending practices. At the same time, some critics caution that the volatility of Bitcoin could pose repayment challenges if market prices dip sharply.
What It Means
The launch positions Shakepay at the forefront of a nascent Canadian crypto‑lending market. By offering fiat credit secured by Bitcoin, the platform provides a bridge between traditional finance and decentralized assets, potentially attracting users who have been hesitant to liquidate their crypto positions.
For the broader industry, the AMF’s green light may encourage other Canadian exchanges and fintech firms to explore similar lending products. The regulatory endorsement suggests that, so long as lenders maintain robust collateral‑valuation mechanisms, the sector can expand without compromising consumer safeguards.
What Happens Next
Shakepay plans to monitor loan performance closely and may refine eligibility criteria as it gathers data on borrower behavior. The platform has hinted at future product extensions, such as variable‑interest options or multi‑crypto collateral, though no timelines have been disclosed.
Regulators will likely continue to assess the impact of crypto‑backed credit on financial stability, potentially issuing further guidance on risk‑management practices. As more Canadians adopt the service, the market will provide clearer signals on demand and the sustainability of Bitcoin‑secured lending in a regulatory‑heavy environment.