IMPORTANT POINTS:
- The Canadian Parliamentary Committee highlights the potential of blockchain technology and cryptocurrencies in Canada.
- Important recommendations are made, such as recognizing blockchain as an emerging industry, improving consumer protection and regulatory clarity, and establishing a national blockchain strategy.
- These recommendations seek to drive the growth and adoption of blockchain technology in Canada.
According to a recent report by the Canadian Parliamentary Committee on Industry and Technology (INDU), the potential of blockchain technology and cryptocurrencies in Canada has been recognized.
Renowned blockchain Coinbase is enthusiastic about the report’s promising recommendations, especially for the Canadian market, which is a key area in the company’s international expansion strategy. During this year, Coinbase has announced important developments in Canada, establishing relationships with regulators and customers to expand its product offering in the country.
The report highlights the importance of recognizing blockchain as an emerging industry, providing consumer protection and regulatory clarity, establishing a national blockchain strategy, and taking an innovative regulatory approach to cryptocurrencies and stablecoins.
The committee recommends that the federal government recognize the long-term economic and job creation potential of blockchain technology. Coinbase supports this vision and is committed to building a strong team in Canada to drive growth and tailor its experience to local customers.
The report also emphasizes the need to improve consumer protection and provide clear regulation in the field of digital assets.
The committee suggests that the Government of Canada, in collaboration with the provinces and stakeholders, establish a national blockchain strategy. This strategy would allow for clear policy direction and regulatory focus, fostering innovation, fueling industry growth, and ensuring consistent regulation across the country.
In addition, it is recommended to carry out innovative pilot projects that use distributed ledgers to strengthen the ecosystem and support start-ups. Likewise, it is suggested to adopt a specific regulatory approach for stablecoins, a form of cryptocurrencies backed by stable assets such as fiat currencies.
