Bitcoin Loans: Canada’s New Shackles or Financial Freedom?

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In the shadow of a world where the digital and the tangible collide, Shakepay, a CIRO-registered Canadian crypto platform boasting over 1.5 million souls in its fold, has unfurled its latest offering: bitcoin-backed loans. On the fateful day of April 21, 2026, this platform, born of the modern age, became the first in Canada to extend such a service, a testament to the relentless march of financial innovation-or perhaps, the deepening of our collective yoke.

Key Takeaways:

  • Shakepay, with a flourish of digital ink, launched bitcoin-backed loans on April 21, 2026, claiming the mantle of Canada’s pioneer in this realm of crypto finance.
  • These loans, bearing a 9.5% APR, are capped at $50,000 CAD, a sum that may seem modest yet is backed by the solemn decree of Quebec’s AMF, granting three years of exemptive relief.
  • CEO Jean Amiouny, with the air of a prophet, proclaims a gradual rollout, promising higher loan limits as the service matures, a beacon of hope-or perhaps, a siren’s call.

CEO Jean Amiouny, in a proclamation on the digital altar of X, hailed this offering as a response to the fervent prayers of the faithful since the company’s inception. “For those who cling to their bitcoin as a modern-day philosopher’s stone, borrowing against it is a tool of immense power,” he declared, his words echoing through the digital ether. His announcement was met with both acclaim and skepticism, for in this age, who can discern the line between liberation and bondage?

This financial instrument allows the denizens of Canada to draw upon the fiat currency, their bitcoin holdings standing as silent guarantors, untouched, unsold. Thus, they navigate the treacherous waters of Canadian tax laws, avoiding the taxable events that would otherwise ensnare them.

Image source: X

The terms are clear: a 9.5% APR, a minimum loan of $100 CAD, and a current ceiling of $50,000 CAD, though whispers speak of higher limits to come. No origination fees, no penalties for early repayment-a seemingly benevolent offer. Funds materialize within minutes, deposited into the user’s Shakepay account or linked bank, a modern miracle of convenience.

The collateral, a digital treasure, is sequestered in cold and hot wallets, guarded by third-party custodians, including the venerable Coinbase Custody. Should the loan-to-value ratio falter, at least 95% of the collateral must reside with these custodians, a safeguard against the whims of the market. Shakepay assures there is no rehypothecation, save in the dire circumstance of liquidation, a word that hangs heavy in the air.

The platform, ever vigilant, monitors the LTV in real time. At 80% LTV, a margin call is issued, a warning bell. At 90%, the axe falls-automatic liquidation to cover outstanding debts, a 3% fee the price of such swift action.

This venture was blessed by the Autorité des marches financiers on April 9, 2026, a three-year exemption from the usual rigors of dealer registration and prospectus requirements. This decree, extending its reach across Canadian provinces and territories, applies to Shakepay Credit Inc., a wholly owned subsidiary, a testament to the regulatory labyrinth through which such innovations must navigate.

Loans, denominated in CAD or USD, are structured as term loans or revolving lines of credit, spanning three months to three years. Collateral, for now, is limited to bitcoin and ether, unless the regulators, in their wisdom, approve additional assets.

Borrowers must be Canadian residents, their identities verified through the rigorous KYC process of Shakepay Inc. They must also acknowledge a Loan Risk Statement, a document that speaks of volatility, custody risks, and the absence of CIPF coverage. Regulatory filings, in their dry precision, prohibit the use of loan proceeds to purchase additional cryptocurrency, a restriction that some may find galling.

Shakepay’s journey to this point has been marked by regulatory milestones. In January 2025, it registered with CIRO as an investment dealer, the first Quebec-based crypto platform to achieve such status. By May 2025, it had been admitted to Payments Canada, a crypto-native company breaking new ground.

The rollout of this feature is gradual, a deliberate pace that may frustrate some. Not all users will see it immediately on their app’s home screen, a reminder that even in the digital age, patience is a virtue. Eligible customers must wait for the feature to appear in their account, a moment that may come as a surprise, like a letter from an old friend.

Bitcoin-backed loans are not new, having been offered by platforms like Ledn and decentralized protocols. Yet, Shakepay’s entry brings a regulated, domestic option to Canadian borrowers, a bridge between the wild west of crypto and the structured world of provincial securities oversight.

Shakepay assures that no client deposits are used to fund these loans, and that audited financials are filed with regulators as required under the AMF decision. For Canadian bitcoin holders seeking liquidity, this is a regulated path, a way to borrow without parting with their digital treasure. The rollout, gradual as it is, invites users to check their app home screen, a modern-day treasure hunt.

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2026-04-21 23:58