{"id":120574,"date":"2023-07-10T23:53:02","date_gmt":"2023-07-10T23:53:02","guid":{"rendered":"https:\/\/dripp.zone\/news\/parliamentary-report-recommends-canada-recognize-strategize-about-blockchain-industry-crypto-news\/"},"modified":"2023-07-10T23:53:05","modified_gmt":"2023-07-10T23:53:05","slug":"parliamentary-report-recommends-canada-recognize-strategize-about-blockchain-industry-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/parliamentary-report-recommends-canada-recognize-strategize-about-blockchain-industry-crypto-news\/","title":{"rendered":"Parliamentary report recommends Canada recognize, strategize about blockchain industry\n – Crypto News"},"content":{"rendered":"
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A Canadian House of Commons committee report has recommended that the country \u201crecognize blockchain as an emerging industry\u201d and take all the steps that entails. There are a lot of steps needed, it said.<\/p>\n

The report was released<\/a> by the Canadian House of Commons Standing Committee on Industry and Technology after a study that involved five meetings and numerous witnesses and briefs. The report outlined uses of blockchain that included cryptocurrency, supply chain and public sector uses, and non-crypto financial innovations. <\/p>\n

\u201cCanada punches above its weight\u201d in blockchain innovation and entrepreneurial potential, one witness for the committee said. In 2021, 2.5% of large enterprises in Canada used blockchain, while less than 1% of small- and medium-sized enterprises did so. Witnesses estimated 16,000 Canadians were employed in the blockchain industry in 2020, and on witness estimated that cryptocurrency firms employed 13,000 Canadians in 2022. <\/p>\n

Related: Canadian regulator explains stance on crypto staking, lending for investment funds<\/a><\/em><\/strong><\/p>\n

Citing witnesses, the report stated that “cryptocurrency trading platforms are sufficiently regulated to protect consumers from risks seen from foreign platforms.” It credited the collapse of the Canadian QuadrigaCX trading platform in 2019 for spurring regulators into action. The report continues:<\/p>\n

\u201cThis increased interest by Canadian regulators is widely [in] in line with developments in other jurisdictions.\u201d <\/p><\/blockquote>\n

The report also noted that, while large-scale problems have received the most media attention, consumers seeking entry into the crypto market on a smaller scale are also frequently targeted by bad actors.<\/p>\n

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A House of Commons committee says blockchain could create ‘significant long-term economic and job creation opportunities in Canada,’ but experts say Ottawa has a lot of work to do if it wants to seize the technology’s potential and avoid drawbacks. https:\/\/t.co\/D04vrjVDaC<\/a><\/p>\n

\u2014 CBC News (@CBCNews) July 8, 2023<\/a><\/p><\/blockquote>\n

The report recommended Canada “recognize” the role of blockchain in the country, which in turn led to 15 more recommendations. More regulatory clarity is needed, the report said, and the government should formulate a national strategy in conjunction with industry participants. The report mentioned stablecoin regulation in particular, noting that even committee witnesses could not agree on whether or not stablecoins are securities.<\/p>\n

Collect this article as an NFT<\/a><\/em><\/strong> to preserve this moment in history and show your support for independent journalism in the crypto space.<\/em><\/em><\/p>\n

Magazine: Your guide to crypto in Toronto: Crypto City<\/a><\/em><\/strong><\/p>\n