Bill C-249 has passed its first reading and aims to promote the growth of cryptocurrency in Canada. Several market participants have praised the bill and see it as having the ability to propel Canada to the forefront of the sector.
Bill C-249 has passed in Canada
Cryptocurrency restrictions are becoming more stringent around the world. A law has been submitted by a Canadian MP to foster the expansion of the cryptocurrency business. This week, the bill passed its first reading.
“This enactment requires the Minister of Finance to develop a national framework to encourage the growth of the crypto asset sector and, in developing the framework, to consult with persons working in the sector who are designated by provinces and territories. The enactment also provides for reporting requirements in relation to the framework.”
Miss Garner studied economics and has been a member of the House of Representatives for over a decade. The politician took to Twitter at the end of last year to solicit comments for what the government could do to improve the industry. She feels that industry experts’ ideas should be considered in order for the country to be well-positioned in the crypto area.
Many performers have responded favorably to the policy thus far. Hut8, one of the continent’s top digital asset miners, has applauded the action. “Decision-makers are becoming aware of the great prospects for growth and job creation within our sector and understand the benefit in engaging with industry leaders to make Canada the destination for 21st-century innovators,” said Hut8 CEO Jaime Leverton.
It’s worth noting that Canada was the first country on the continent to authorize bitcoin-backed ETFs, and it looks like they want to keep their status as forerunners.
Regulations have become a hot topic in the crypto industry globally since the Bank of England’s Deputy Governor Jon Cunliffe emphasized the rapid growth of the bitcoin market, underlining the necessity for regulators to become engaged and manage the dangers. More countries are beginning to pay attention to the nascent business.
The US government has announced that the Biden administration will issue an executive order to coordinate a national effort to regulate the cryptocurrency market. This comes after a year in which many industry insiders bemoaned the lack of clear laws and the SEC’s refusal to accept crypto goods that have already been allowed in other countries, such as Canada.
The technique adopted to govern the crypto market differs, with some countries, such as China, opting for outright prohibitions. Developed countries, such as Canada and the United States, are attempting to achieve a regulatory balance that protects consumers while also encouraging the expansion of the blockchain industry.
If you find this article informative then do not forget to share it with your friends and family!
Also read: Hungarian Central Bank Governor Calls for EU-Wide Ban on Cryptocurrency Trading and Mining
