Canadian Lawmakers Want To Promote Crypto Development As A New Economy
Key Points:
- Canadian lawmakers are advocating for a comprehensive approach to digital asset regulation, in contrast to the fragmented and volatile regulatory framework in the United States.
- Canadian lawmakers recommended the Canadian government support the blockchain and cryptocurrency industry.
- The proposed standards include recognizing blockchain as an emergent sector.
Although the United States struggles with a fragmented and volatile regulatory framework for digital assets, some Canadian lawmakers are pursuing a more comprehensive approach.
The Standing Committee on Industry and Technology of the Canadian House of Commons recently issued a comprehensive report that unequivocally supports the adoption and integration of blockchain technology, as well as a series of recommendations to the Government of Canada to support and foster the blockchain and cryptocurrency industry. The Canadian government’s momentous step represents a watershed point in the global blockchain scene. Moreover, it raises expectations and anticipation throughout the industry.
The paper, titled “Blockchain Technology: Cryptocurrencies and Beyond,” emphasizes blockchain technology’s potential to digitize untapped sections of the economy and generate unprecedented wealth creation. Given this potential, the committee’s first proposal is for the government to recognize blockchain as an emergent sector with significant economic and employment potential. Moreover, it places a premium on consumer protection and regulatory transparency.
The proposed standards emphasize the need for a robust regulatory framework, especially in light of the FTX crash, which generated widespread anxiety about the cryptocurrency industry’s future. The committee, on the other hand, feels that Canadian rules are typically successful, given the FTX debacle’s modest impact on Canadian businesses.
The Canadian government will develop a clear policy direction and regulatory framework in partnership with the provinces and interested persons. The committee also recommends that Canada enact stablecoin laws distinct from those applied for other cryptocurrencies. This specific method will promote innovation while allowing for efficient oversight.
This policy would serve as a road map for encouraging innovation, facilitating industrial growth, and ensuring national regulatory consistency. In addition, the federal government’s important role in this emerging industry is emphasized. By showing support for the industry, Canada may position itself as a viable site for blockchain-related firms and startups.
The claim comes as the US Securities and Exchange Commission (SEC) files litigation against global heavyweights Binance and Coinbase for suspected breaches of US securities laws. These prosecutions have caused substantial volatility in digital asset markets and raised concerns of a broader governmental crackdown on digital assets in the United States.
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