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Canada Aims To Become Crypto Power House With The Adoption Of A New Cryptocurrency Bill

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Canada Aims To Become Crypto Power House With The Adoption Of A New Cryptocurrency Bill

Bill C-249 has passed first reading and hopes to boost crypto growth in Canada.

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Several market participants have welcomed the bill and recognize its potential to make Canada an industry leader.
Globally, regulation in the crypto space is increasing.
A Canadian MP has introduced a bill that would encourage the growth of the crypto industry. The bill passed its first reading this week.

A National Framework for Crypto

Canadian House of Commons Member Michelle Rempel Garner has proposed Bill C-249 to encourage the growth of the cryptocurrency industry in Canada. The bill would require MPs to interface with industry leaders to create appropriate regulations.

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“This bill requires the Secretary of the Treasury to develop a national framework to encourage the growth of the crypto asset sector and to consult with individuals working in the sector and designated by provinces and territories in developing the framework. The law also provides for reporting obligations related to the framework.”

Miss Garner majored in economics and has been a member of the House for over ten years. At the end of last year, the legislator asked via Twitter what the government could do to improve the sector. She believes that for the country to be well positioned in the crypto space, the opinions of the industry leaders must be taken into consideration.

The policy has so far been positively received by many actors. Hut8, one of the largest digital asset miners on the continent, has celebrated the move. Hut8 CEO Jaime Leverton expressed optimism about the industry’s trajectory in Canada, saying:

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“Decision makers are increasingly aware of the incredible opportunities for growth and job creation within our industry and recognize the value of partnering with industry leaders to make Canada the destination for 21st century innovators.”

It should be noted that Canada was the first country on the continent to approve Bitcoin-backed ETF products, and it seems they want to maintain their status as pioneers in this field.

A Global Awakening of Crypto Regulations

Since Bank of England Deputy Governor Jon Cunliffe highlighted the speed at which the bitcoin market was growing and emphasized the need for regulators to get involved and manage the risks, regulation has become a hot topic in the crypto space worldwide. More countries are starting to take the emerging market more seriously.

In the United States, the government has revealed that the Biden administration will release an executive order to coordinate a national effort to regulate the crypto market. This follows a year in which many industry experts have denounced the lack of clear regulation and the SEC’s reluctance to approve crypto products that have already been approved in other countries, such as Canada.

The approach taken to regulate the crypto market varies, with some countries even opting for an outright ban, as in the case of China. However, developed countries such as Canada and the US are striving for a regulatory balance that protects consumers and encourages the growth of the blockchain industry.

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