Oleg Galeev

6 months ago

Canada Aims to Become World Leader in Cryptocurrency Innovation

Cryptocurrency Bill C-249 in Canada

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.

Consultation with crypto experts would be the first step to creating a regulatory framework to boost innovation in the crypto space. 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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Author

Oleg is a crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun.