Canadian Lawmaker Introduces Bill to Encourage Crypto Sector Growth – In Canada, a bill has been presented to foster the expansion of the cryptocurrency industry. “Billions of dollars in investment in the rapidly rising crypto-asset market should be attracted to Canada.”
“Today, I introduced a bill, the first of its kind in Canada, to ensure that this becomes a reality,” said Michelle Rempel Garner, the parliament member who introduced the bill.
The bill mandates that Canada’s finance minister “create a national framework to promote the expansion of the crypto-asset sector.” Furthermore, the minister is required to “consult with persons operating in the area.”
Government authorities are debating and establishing policies on crypto assets, according to the lawmaker. She did, however, point out that many legislators are unfamiliar with crypto assets, how they work, or their enormous potential for economic growth.
“To be a global leader, Canada must ensure that crypto-asset specialists and investors are telling us what policies they need and don’t need,” she said. “This measure mandates that the finance minister formally ensure that their perspectives are heard in policy making.”
The bill details:
The minister must write a report outlining the framework within three years of the Act’s implementation and must cause the report to be tabled in each House of Parliament on any of the first 15 days that the House is in session after the report is completed.
Canadian Lawmaker Introduces Bill to Encourage Crypto Sector Growth – The bill does not establish any specific policy for the regulation of Bitcoin, according to the webpage created to explain the legislation. “Instead, this measure establishes a process for formally including crypto-asset talent in policy formulation, allowing their voices to lead the way.” It ensures that professionals have a role in what policies they require or do not require.”