Why this matters
It puts into perspective just how transformative this emerging technology can be by drawing in billions of dollars in investment, creating jobs and bolstering the Canadian economy.
Bill C-249 calls on Finance Minister Chrystia Freeland to table a framework within three years of passage that focuses on lowering barriers to entry, minimizing administrative burdens and protecting those who work in the sector.
Ms. Rempel also
pointed to the large knowledge gap that exists between regulators and members of the community — something we have said needs to change. To come up with a policy that works, the bill proposes any regulation is developed in consultation with those who work in the crypto industry, rather than have the government take a unilateral approach to issuing guidelines.
Our take
We firmly believe Canada has a great opportunity to bring back lost crypto talent and business because of restrictions and regulatory hang-ups in other parts of the world.
ICYMI we recently spoke with
former United States CFTC Chair Chris Giancarlo on our podcast about why it’s important governments not default to preserving the status quo, especially in a digital age.
The bottom line is crypto and blockchain technology is not going away — in fact, it’s growing and evolving. That’s why regulators need to encourage innovation, rather than ignore or try to stop it in a knee-jerk fashion.
We look forward to seeing what the government’s response will be to the bill. We also know, if asked, community members will help Canada develop appropriate guidelines that strike a balance between compliance and encouraging development in the sector.
It’s to be continued for now!
