A Canadian MP has introduced a bill that could make Canada a world leader in cryptocurrency growth and innovation.
Canadian Conservative MP, Michelle Rempel Garner, has submitted Bill C-249. If passed, the bill would require Canada’s Minister of Finance, Chrystia Freeland, a member of the Liberal party, to consult with crypto experts.
Consulting with crypto experts is the first step in creating a regulatory framework that encourages innovation in the crypto industry. The bill would also require legislation to be passed within three-years.
The bill states: “cryptoassets have significant economic and innovative potential for Canada. The framework must, among other things, focus on lowering barriers to entry into the crypto asset sector while protecting those working in the sector and minimizing the administrative burden.”
Regarding the bill, MP Garner said: “This bill creates a mechanism to formally engage the expertise of crypto-asset innovators and investors in policy development and create a framework for growth.”
Canada has already been at the forefront of crypto innovation, introducing the world’s first Bitcoin ETF in 2021. Quebec is also home to more than 9% of the world’s bitcoin mining. A regulatory framework and legislation would undoubtedly strengthen Canada’s move to become the centre of crypto innovation. It could also see billions of dollars flood into the country.
The Ontario Securities Commission has recently stopped several crypto exchanges from operating in the province, but federal legislation would provide regulations and guidance across the country.
In order for the bill to pass, it must have a second and third reading in the House of Commons and then the Senate. Then, it can be signed into law by the Governor General. However, MP Garner, a member of the minority Conservative party, would need support from the other parties as well.
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