Canadian lawmakers at the House of Commons Standing Committee on Industry and Technology have urged the government to form a national blockchain strategy that would clarify the country's regulatory approach and demonstrate its support for the industry. In its report, the committee said governments must collaborate with the blockchain industry to better understand the rapidly evolving sector and implement policies protecting consumers without hindering innovation. The 16-count policy recommendations followed a blockchain study demanded by the government. - The lawmakers proposed that the government should recognize long-term economic and job creation opportunities in the blockchain industry.
- The report also recommended that the potential digital asset policy should protect citizens' right to self-custody.
- In addition, the lawmaker committee asked the government to form a separate national regulatory framework for stablecoins, distinguishing them from other crypto assets.
- The recommendations also include establishing rules for crypto custody platforms, measures to enable blockchain companies to use banking services, and ensuring that crypto mining operations are fairly taxed in the country.
On the other hand, Canada hit the headlines earlier this year with its tightened regulatory framework for crypto exchanges. - In February, the Canadian Securities Administrators (CSA) published a notice requiring crypto exchanges to sign legally-binding commitments while waiting to be registered with the regulatory body.
- Due to the new strict regulatory guidelines, many crypto exchanges, including Binance, OKX, Deribit, Bybit, Blockchain.com, dYdX, and Paxos, had to withdraw from the Canadian market.
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