Canadian Lawmakers Want to Help Blockchain Businesses 'Flourish' - Decrypt

Decrypt
Decrypt

29 Jun 2023 5:18 PM

Thirty Canadian lawmakers have called for a national strategy to help blockchain businesses "flourish" in the country....

  • A group of thirty Canadian lawmakers has published a report endorsing cryptocurrencies and blockchain technology.
  • The report recommends the national government recognize blockchain as an emerging technology in Canada, with economic and job creation opportunities.
  • The need for clear regulation is emphasized, as Canada has fallen behind the U.S. and Europe in digital asset policies.
  • The report explains the differences between cryptocurrencies and blockchain and highlights Toronto as a major hub for Ethereum.
  • Lawmakers call for a policy guided by principles of self-custody and protection of access to crypto exchanges.
  • Sixteen recommendations are made, including the creation of a sandbox for entrepreneurs, federally regulated custodians, and support for crypto mining operations.
  • Canada's digital asset regulation has been tight, with companies withdrawing or pausing operations and leverage trading being banned.

The overall sentiment of the article is positive, as it highlights the endorsement of cryptocurrencies and blockchain technology by Canadian lawmakers and their recommendations for creating a national strategy. It also acknowledges the economic and job creation opportunities associated with these technologies. However, it mentions the tight regulation in Canada and the challenges faced by the industry.

Go to publisher site

You May Ask

What is the main recommendation of the report published by Canadian lawmakers?How does the report emphasize the need for clear regulation in Canada?Which city is highlighted as a major hub for Ethereum in the report?What challenges do stablecoins pose according to the report?Why has Canada's digital asset regulation been tight, and what measures have been taken?

Suggested Reads