🇨🇦 Last month, the House of Commons (HOC) standing committee stirred things up in the Canadian tech scene. They put out a detailed report, encouraging the government and regulatory bodies to offer support for the rapidly evolving blockchain industry.
💼 One of the primary takeaways from the report was the need for the government to recognize blockchain as an emerging industry with the potential to generate substantial long-term job opportunities. The report paints a vivid picture of a future where blockchain revolutionizes the tech industry and propels the Canadian job market.
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🌐 Further, the standing committee stressed the importance of consumer protection for those investing in digital assets and cryptocurrencies. The HOC calls for establishing rules grounded in the principle of individuals’ right to self-custody. Below are a few key takeaways from the committee :
- The report urges the government to develop a national blockchain strategy to demonstrate its support for this sector.
- The committee recommended the implementation of innovative pilot projects using distributed ledgers.
- The government should also consider a unique regulatory approach to stablecoins, reflecting their difference from other cryptocurrencies.
- The committee suggested regulatory changes to support the establishment of federally regulated cryptocurrency custodians.
🌎 On a broader level, the standing committee emphasized the necessity for international cooperation on blockchain regulations and policies. They recommended that Canada collaborate with other major trading partners in this endeavour, positioning the nation as a key player in the global digital economy.
🏦 The standing committee also noted the importance of facilitating access to banking and insurance services for blockchain firms. They suggested it could be achieved through Crown corporations.
📚 Of course, with all these advancements, there comes a need for educating the general public. The report highlighted the importance of awareness campaigns educating investors about the risks and benefits of cryptocurrencies.
⛏️ And let’s not forget the rising popularity of Bitcoin should lead to a more competitive digital asset mining environment.
🚀 The committee is optimistic about Canada’s trajectory toward a digital economy. However, they acknowledge there’s much work to be done before fully realizing the potential of the Web3 space. Indeed, these are exciting times for Canadian blockchain enthusiasts!
🗒️ The Canadian Web3 Council, has praised the report, saying that the committee acknowledged blockchain “as an emerging technology with the potential to bring about significant innovation and efficiency gains.”