Canadian Lawmaker Introduces Bill to Encourage Crypto Sector Growth

Canadian Lawmaker Introduces Bill to Encourage Crypto Sector Growth

A bill has been introduced in Canada to encourage the growth of the crypto sector. “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,” said the parliament member who introduced the bill. 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. Tags in this story Canada, Canada Crypto regulation, Canada cryptocurrency regulation, Canadian Crypto bill, Canadian crypto regulation, crypto bill

What do you think about this bill? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. SEC Working With CFTC on Crypto Regulation, Says Chairman Gensler REGULATION | 6 hours ago India Won"t Legalize or Ban Crypto at This Stage, Finance Minister Confirms REGULATION | 18 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSEC Working With CFTC on Crypto Regulation, Says Chairman Gensler Next articleUniswap V3 Based ‘Universe Finance’ Reveals Plans of Launch Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItStudents Mining Crypto in Dorms May Face Criminal Prosecution in Russia, Lawyer Says

University students in Russia minting digital currencies in their dormitories risk penalties and even criminal charges, according to a legal expert quoted by local media. The warning comes as Russian authorities are trying to curb crypto mining with cheap energy ... read more.Binance Invests $200 Million Into the Business Magazine and Digital Publisher Forbes Global Regulators "Going Full Steam" on Crypto — Official Says "Current Structure Is No Longer Fit for the Purpose" US Inflation Jumps to 7.5%, CPI Climbs at Fastest Rate in 40 Years, Citizens See Little Wage Growth RBI: Cryptocurrency Is a Big Threat to Macroeconomic and Financial Stability in India