A recent report by Canadian lawmakers recognized crypto mining, digital currencies, and blockchain technology as innovative industries that need better regulations and have significant long-term potential.
The House of Commons Parliamentary Standing Committee on Industry and Technology (INDU) in Canada, has passed a motion last September, where it recognizes blockchain as an emerging technology that can drive innovation and enhance efficiency across various industries.
With the motion passed, to attract more investment and innovation to the Canadian economy, a need for better regulations arose. Thus, the INDU completed a comprehensive study, examining the use cases of crypto assets and blockchain in the country. INDU held five meetings, where it interviewed 31 respondents, and received six briefs.
Subsequently, the lawmakers have released 16 recommendations for the Canadian government, available in the official document. These are several of the most noteworthy ones:
- The Government of Canada shall recognize blockchain as an emerging industry in Canada, with significant long-term economic and job-creating opportunities.
- In its efforts to improve consumer protection and regulatory clarity in the emerging and innovative field of digital assets, the Government of Canada should be guided by the principle that individuals’ right to self-custody be protected and that ease of access to safe and reliable on and off ramps be defended and promoted.
- Following consultation with the provinces and stakeholders, the Government of Canada shall establish a national blockchain strategy that clarifies the government’s policy direction and regulatory approach and demonstrates support for the industry.
- The Government of Canada should pursue opportunities for international cooperation in the development of blockchain regulations and policies, including with major trading partners.
- The Government of Canada shall establish a public awareness campaign, in consultation with the provinces and the industry, to educate the public about risks related to cryptocurrencies and the benefits of accessing cryptocurrency markets through regulated Canadian entities.
On Wednesday, Coinbase commented on the report, describing the recommendations as a promising landmark, adding:
"We are pleased to see that the committee recognizes the benefits, utility, and value of blockchain technology."
According to the exchange, the parliamentary committee's approach is considered forward-thinking, as the government demonstrates a willingness to collaborate with the crypto and blockchain industry on multiple fronts.
