Cryptoassets Spurred by Canadian Legislation

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It’s hoped that the proliferation of crypto will be encouraged by a bill introduced in Canada. The fast-growing crypto asset industry should attract billions of dollars in investment to Canada. 

Bill to Grow Crypto Sector Launched in Canada

Canadian parliament member Michelle Rempel Garner introduced “Bill C-249” on Wednesday, which “may be cited as the Encouraging the Growth of the Cryptoasset Sector Act,” according to the text of the bill.

Conservative MP Garner tweeted:

Canada should be attracting billions of dollars in investment in the fast growing crypto asset industry. Today I introduced a bill, the first of its kind in Canada, to make sure this becomes a reality.

The bill requires Canada’s minister of finance “to develop a national framework to encourage the growth of the cryptoasset sector.” In addition, it requires the minister “to consult with persons working in the sector.”

The lawmaker explained that government officials are discussing and setting policies on crypto assets. However, she pointed out that many lawmakers are not deeply familiar with what crypto assets are, how they function, or their big potential for economic growth.

“To be a world leader, Canada needs to make sure crypto asset experts and investors are telling us what policies they need, or what policies they don’t need,” she emphasized. “This bill requires the minister of finance to formally ensure that their voices help lead policy development.”


The bill details:

Within three years after the day on which this Act comes into force, the minister must prepare a report setting out the framework and must cause the report to be tabled in each House of Parliament on any of the first 15 days on which that House is sitting after the report is completed.

According to the website set up to explain the legislation, the bill does not establish any particular policy for the regulation of cryptocurrency. “Instead, this bill creates a mechanism to formally engage the expertise of cryptoasset talent in policy development so that their voices lead the way. It ensures that the experts have a say in what policy they need, or don’t need,” the website describes.

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