Canadian committee proposes measures to support blockchain, crypto

Canadian lawmakers have shown their support for blockchain technology and cryptocurrencies in a report released by the Parliamentary Standing Committee on Industry and Technology (INDU) of the House of Commons of Canada.

which report Made of In 16 different proposals, the advantages and potential of blockchain technology in various sectors are highlighted. As a result of the INDU’s deliberations, the committee made recommendations which they included in reports for consideration of the House of Commons or the Government.

As part of the recommendations outlined in the report, the Canadian government should recognize blockchain as an emerging industry with significant long-term economic and job creation opportunities. It should prioritize protecting the right of self-custody of individuals and promoting secure and reliable access to digital assets.

As the country pushes for its crypto regulations, INDU proposed that the government establish a national blockchain strategy, involving experts, entrepreneurs, academia, investors and artificial intelligence (AI) industry groups. The strategy should establish a platform for information exchange and monitoring, analyze promising areas for disruption, advise the government on promising initiatives and support the government in implementing selected initiatives.

Governments should advance international cooperation in developing blockchain regulations and policies, conduct innovative pilot projects using distributed ledgers, adopt a specific regulatory approach to stable coins, establish federally regulated cryptocurrency custodians Should promote and provide access to banking and insurance services for blockchain companies.

The report states that a public awareness campaign should be established to educate the public about the risks associated with cryptocurrencies and the benefits of accessing cryptocurrency markets through regulated Canadian entities.

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To ensure that blockchain technology becomes mainstream, governments should examine ways to promote the adoption of blockchain technology in supply chains and study the new opportunities this technology presents for electronic voting, consultation and the modernization of democratic institutions. Needed

Recently Finance Dept. Proposed Legislative changes to the Excise Tax Act, addressing GST/HST application for crypto asset mining and remuneration. The INDU proposal recommends that the application of the Excise Tax Act to mining activities be examined for parity between provinces and to ensure that digital asset mining is a competitive industry.

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