Canada Set To Become Crypto Power House.
A member of Canada parliament has suggested measures to promote the expansion of the cryptocurrency business. This week, the bill had its first reading.
Michelle Rempel Garner, a member of the Canadian House of Commons, sponsored Bill C-249 to stimulate growth in the cryptocurrency business in Canada. Members of parliament would be required to consult with industry experts in order to develop appropriate legislation under the bill.
According to the bill, This statute mandates the Minister of Finance to build a guiding policy to foster the growth of the crypto asset industry and to engage with people working in the sector who have been nominated by provinces and territories while developing the framework. The legislation also includes reporting obligations in regard to the framework.
Miss Garner studied economics and has served in the House for almost a decade. Last year, the legislator resorted to Twitter to solicit views on what the government might do to strengthen the industry. She feels that in order for the country to be well-positioned in the crypto sector, industry leaders’ perspectives must be taken into account.
Many people have responded favorably to the policy thus far. Hut8, one of the continent’s top digital asset miners, has applauded the action. Jaime Leverton, CEO of Hut8, expressed confidence about the industry’s future in Canada, saying:
“Decision makers are increasingly aware of the incredible opportunities for growth and job creation within our sector and recognize the value in working with industry leaders to make Canada the destination for 21st-century innovators.”
Regulations have become a hot subject in the crypto industry worldwide after the Bank of England’s Deputy Governor Jon Cunliffe emphasized the rate at which the bitcoin market was expanding, stressing the necessity for regulators to become involved and regulate the dangers. More countries are beginning to take the emerging market seriously.
The government of the United States has announced that the Biden administration would issue an executive order to organize a national effort to regulate the crypto market. This comes after a year in which many industry experts have lamented the absence of clear rules and the SEC’s hesitation to approve crypto goods that are previously allowed in other countries, such as Canada.
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