Key Points
- Canadian lawmakers have tabled 16 separate proposals that push to support the crypto industry.
- The details of these regulations have been exposed by a report released by the Parliamentary Standing Committee on Industry and Technology (INDU) of the Canadian House of Commons.
Canada has received a series of proposals that will directly impact the functioning of crypto organizations in the country. The proposals highlight the potential of blockchain technology in various sectors that also follow recommendations for the recommendation of the House of Commons or the government.
Canada pushes to foster crypto industry growth
The recommendations stated in the report calls on the Government of Canada to recognize the blockchain industry as an emerging innovation with long-term economic and job creation opportunities. It asks the government to prioritize protecting individuals’ right to self-custody and promote reliable access to digital assets.
INDU proposed that the government consider establishing a national blockchain strategy involving experts, entrepreneurs, academics, artificial intelligence, and investors industry cluster. The proposed strategy should set up a platform that fosters information exchange and monitor promising areas of disruption.
The Canadian government has also been called on to pursue international cooperation in developing regulatory frameworks for the crypto and blockchain industry. The report also added that campaigns must be established to educate Canadians on blockchain and crypto industries.
These developments come when multiple governments rally to increase their regulatory touch on digital Assets. The US has been cracking down on crypto organizations while the EU and UAE are setting up regulations to foster the adoption of digital assets. However, it has been commonly noted that there is a need for more oversight and efforts to regulate the industry more tentatively.
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