Canada Is On The Verge Of Becoming A Cryptocurrency Superpower With The Introduction Of A New Cryptocurrency Bill

A Canadian member of parliament has introduced legislation to spur expansion in the cryptocurrency business. This week, the measure passed its first reading.

Michelle Rempel Garner, a member of the Canadian House of Commons, introduced Bill C-249 to encourage development in Canada’s cryptocurrency business. Members of parliament would be required to consult with industry leaders in order to develop appropriate rules.

“This statute mandates the Minister of Finance to build a national framework to promote the development of the crypto asset industry and to engage with sector professionals selected by provinces and territories in creating the framework. Additionally, the legislation establishes reporting obligations for the framework.”

Miss Garner studied economics and has served in the House for more than a decade. Ended last year, the lawmaker resorted to Twitter to solicit comments for how the government might improve the sector. She feels that in order for the nation to remain competitive in the cryptocurrency area, industry leaders’ perspectives must be acknowledged.

Numerous actors have reacted favourably to the strategy so far. Hut8, one of the continent’s top digital asset miners, has lauded the decision. Jaime Leverton, CEO of Hut8, expressed optimism for the industry’s future in Canada, stating, “Decision-makers are increasingly aware of the incredible opportunities for growth and job creation within our sector and recognise the value of collaborating with industry leaders to position Canada as a destination for 21st-century innovators.”

It’s worth noting that Canada was the first nation on the continent to legalise bitcoin-backed ETFs, and it looks as if they intend to continue their pioneering standing in the industry.

A Global Cryptocurrency Regulatory Revolt

Since Deputy Governor of the Bank of England Jon Cunliffe emphasised the rapid growth of the bitcoin market, underlining the need for regulators to become engaged and manage the risks, regulations have been a hot subject in the global crypto ecosystem. More nations are becoming more serious about the nascent sector.

The government of the United States has announced that the Biden administration would issue an executive order to coordinate a national effort to regulate the cryptocurrency industry. This comes on the heels of a year in which several industry professionals lamented the lack of clear laws and the SEC’s hesitation to accept crypto items previously allowed in other countries, such as Canada.

The technique adopted to govern the crypto market differs, with some countries, like as China, opting for outright prohibitions. However, established nations such as Canada and the United States are attempting to find a balance between consumer protection and the expansion of the blockchain business.

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