• Canadian lawmakers are requesting the government to come up with a national blockchain strategy.
• Several regions around the world are trying to become crypto hubs and pass laws favorable to the crypto industry.
• The House of Commons Standing Committee on Industry and Technology has recommended that Canada recognize blockchain technology as an emerging industry.
Canadian Lawmakers Call for National Blockchain Strategy
Canada appears ready to take a strong step towards blockchain adoption, with an influential group of lawmakers requesting that the government comes up with a national blockchain strategy. Like the US, Canada lacks regulatory clarity in the crypto/blockchain market, which is putting the country at a disadvantage compared to other regions around the world which have been working hard to become crypto hubs and pass laws favorable to the industry.
House of Commons Standing Committee on Industry and Technology Reports
The first recommendation for this to happen came in a report from the local House of Commons Standing Committee on Industry and Technology. The House called on the government to recognize blockchain technology as an emerging industry in Canada, citing significant long-term economic and job creation opportunities. There were 16 recommendations, one of which requested that major trading partners be included when developing regulations or policies related to blockchain technology.
Regulations Must Not Hinder Innovation
The committee stated that its 5 meetings over the course of its study regarding Canada and blockchain technology featured 31 witnesses who provided six briefs total. Witnesses noted that while it was important for Canada’s government enact regulations that would properly protect consumers, it must also be careful not hinder innovation – something which is crucial for blockchains usefulness in Canada.
Coinbase Praises Canadian Government Approach
Crypto and blockchain industries continue evolving rapidly – Coinbase praised Canada’s approach by noting their strong regulatory safeguards such as provincial securities regulation and federal AML & anti-terrorism financing obligations – all helping them appropriately understand & monitor this sector moving forward.
It’s clear from this piece that Canadian lawmakers understand both how important it is for their nation’s economy & citizens alike, but also how they need move carefully when regulating such a rapidly evolving industry like cryptocurrency & blockchain tech so as not stifle any innovation or potential growth opportunities either within or outside of their borders either directly or indirectly too!