cryptonews.net
A group of thirty lawmakers in Canada has expressed their support for cryptocurrencies and blockchain technology, issuing a document that outlines 16 recommendations for the Canadian government to formulate a national strategy.
In their section titled "Blockchain Technology: Cryptocurrencies and Beyond," the report's authors urge the Canadian government to acknowledge blockchain as an emerging technology in the country, highlighting its potential for long-term economic growth and job creation.
Experts in the industry note that the United Kingdom lags behind the United States and Europe regarding digital asset regulations, prompting the House of Commons Standing Committee on Industry and Technology to recognize the need for clear legislation. Aydan Hyman, the CEO of Chainsafe Systems, recently emphasized the opportunity to establish regulatory clarity and industry standards to facilitate business growth in Canada.
Details of the research
The research, released earlier this month, delves into the technical distinctions between blockchain and cryptocurrencies, including discussions on proof of work, proof of stake, and Web3. The report also highlights Toronto as a significant Ethereum hub, given that some of its co-founders, including Vitalik Buterin, are Canadian.
The report emphasizes the importance of maintaining access to on- and off-ramps, such as exchanges that facilitate fiat currency conversion to cryptocurrencies. It calls for policies driven by principles of self-custody, as controversies arose last year when the police attempted to confiscate Bitcoin donations received during the Canadian Freedom Convoy rallies.
Among the sixteen recommendations, the report suggests fostering the establishment of federally regulated custodians and creating a regulatory sandbox to facilitate unhindered testing by businesses. Canada, aiming to compete with or emulate Europe's pioneering MiCA framework, draws clear boundaries regarding stablecoins and their unique challenges.
A Promising New Entrant in the Bitcoin Mining Arena
The fourth recommendation aims to encourage and support crypto mining activities nationwide by advocating for an impartial and equitable government stance towards this growing industry. This coincides with the recent announcement that Canadian Bitcoin miner Hut 8 will join forces with US Bitcoin Corp to establish a large-scale mining operation headquartered in the United States.
Stringent regulations surrounding digital assets have led many businesses to withdraw from or temporarily halt their operations in Canada. Following the failures of several cryptocurrency firms last year, Canada has prohibited leverage trading, while Prime Minister Justin Trudeau has criticized his opponents for their pro-crypto stance."