Canadian lawmakers from the House of Commons say that the government should embrace blockchain technology and crypto following a comprehensive study of the digital assets industry.
In a new report, the members of the Standing Committee on Industry and Technology say that the testimonies they gathered indicate that blockchain technology is already changing the digital landscape of Canada.
They also recommend that the government recognize blockchain as an emerging industry that offers significant long-term economic and job creation opportunities.
“The Committee heard about the real contributions that blockchain technology is making to the Canadian economy and the potential for it to provide substantially greater value in the future.”
The lawmakers recognize the risks and challenges of digital assets, including the volatility of crypto prices and the use of digital assets in criminal activities, but they assert the protection of consumers’ rights to use crypto.
“[T]he government of Canada should, in its efforts to improve consumer protection and regulatory clarity to the emerging and innovative field of digital assets, be guided by the principle that individuals’ right to self custody should be protected and that ease of access to safe and reliable on and off ramps should be defended and promoted.”
The legislators say that the government can clarify its regulatory approach by establishing a national blockchain strategy following consultations with stakeholders.
“Regulatory improvements can, and should, be made to ensure that Canada continues to be a leader in cryptocurrencies, and the blockchain industry more broadly.”
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