Canadian Lawmakers Want To Promote Crypto Development As A New Economy

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 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.