Canadian Committee Proposes Regulatory Measures to Support Blockchain and Crypto Technologies

In a report issued by Canadian Standing Committee on Industry and Technology (INDU), the policymakers demonstrated their positive stance on crypto and blockchain technologies.

The INDU report outlined 16 proposals for implementing blockchain technology in various industries and business sectors. Also, the report provides the upside of blockchain technology.

Canadian Lawmakers Pushes for Crypto and Blockchain Adoption

It was reported that the INDU report was presented to the meeting for regulatory scrutiny. The members proposed several recommendations, which will be submitted to the House of Commons and later to the government for further review.

According to the report, the policymakers urged the government to recognize emerging technologies such as blockchain, which has enormous potential to provide sustainable economic solutions. They added that blockchain technology will create more employment opportunities for the Canadians.

Furthermore, the lawmakers called for  the Canadian authority to safeguard individuals’ rights through self-custodial services. Per the report, the policymakers demanded the establishment of a safe, secure, and reliable environment for digital assets.

The INDU report urges the government to invest in establishing a national blockchain strategy that will involve key players in artificial intelligence technology (AI), scholars, investors, and entrepreneurs. The proposed blockchain strategy should align with the Canadian regulatory efforts to enforce crypto regulations.

The policymakers proposed that regulators to consider integrating an innovative information-sharing platform into the new blockchain strategy. This will enable the policymaker to monitor crucial activities through the information exchange platform and identify areas likely to experience disruptions. In addition, the new platform will enable regulatory agencies to examine viable opportunities and provide the government with valuable information necessary to implement rules and to improve the quality of life.

Overview of INDU Report

Reflecting on the INDU report, the Canadian government has been requested to seek international cooperation in formulating the blockchain regulatory framework. The report suggests that the government should invest in pilot trials for distributed ledgers.

The report advocates for the adoption of a new regulatory approach to stablecoins. The Canadian authority has been urged to launch a crypto custodial platform fully regulated by the federal government. Lastly, the policymakers requested the government to improve access to banking and insurance services for blockchain and crypto firms in Canada.

Beyond this, the lawmakers outlined the appropriate procedures for conducting public awareness campaigns. The primary role of campaigns should aim at educating the community on the risk, benefits, and threats associated with cryptocurrency.

The committee tasked the government to conduct extensive studies examining effective ways to introduce blockchain technology in the supply chain industry. Also, the INDU report requested the authority to research the potential benefits of the electronic voting system and technology used in consultation and modernization of existing democratic systems.

A few days ago, the Canadian Department of Finance advocated for the amendment of the Excise Tax Act that governs crypto mining and other related remuneration.This demonstates that the Canadian regulators are aiming at shaping the crypto landscape in the region to attract more investment.

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