• Canadian lawmakers have called for the government to create a national blockchain strategy.
• The committee recommended that the government recognizes blockchain technology as an emerging industry in Canada and pursue opportunities for international cooperation in creating regulations and policies.
• They also noted that Canada should regulate the industry without hindering innovation.
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.
Recommendations from Committee
The House of Commons Standing Committee on Industry and Technology issued a report with 16 recommendations, one of which was for the government to recognize blockchain technology as an emerging industry in Canada. The committee also suggested pursuing opportunities for international cooperation in creating regulations and policies related to blockchain, while ensuring that they do not hinder innovation.
The report revealed that there were 31 witnesses who were interviewed by the committee during their study, and 6 briefs were received. Witnesses emphasized Canada’s strong regulatory safeguards such as provincial securities regulation and federal AML and anti-terrorism financing obligations. It was further noted that the government has to team up with the blockchain industry to understand its rapidly evolving sector properly before enacting any regulations or policies..
Coinbase Praises Canadian Approach
Crypto/blockchain companies have praised Canada’s approach to crypto monitoring; Coinbase noted that it is “pleased” with how Canadian regulators are handling virtual currency businesses, adding that their efforts will help “ensure compliance with applicable anti-money laundering laws” while protecting consumers at the same time.
Many regions around the world are trying to become crypto hubs by passing favorable laws and bringing rules beneficial to crypto businesses; meanwhile, Western countries remain hesitant about doing so, leading local businesses to leave or new ones not even considering them as potential homes. With this request from Canadian lawmakers, it looks like Canada could be taking steps towards becoming one of those hubs itself by introducing a national blockchain strategy soon.