Last updated September 18, 2024
A Canadian MP has introduced a bill that could make Canada a world leader in cryptocurrency development and innovation.
Canadian Conservative MP Michelle Rempel Garner has filed a motion Bill C-249If passed, the bill would require Canada’s Finance Minister, Liberal Chrystia Freeland, to consult with cryptocurrency experts.
Consulting with cryptocurrency experts is the first step in creating a regulatory framework that encourages innovation in the cryptocurrency industry. The bill would also require legislation to be passed within three years.
The draft bill states: “crypto-assets have significant economic and innovation potential for Canada. Among other things, the framework must focus on lowering barriers to entry into the crypto-assets sector while protecting those working in the sector and minimizing administrative burdens.”
Commenting on the bill, MP Garner said: “This bill creates a mechanism to formally engage the expertise of crypto-asset innovators and investors in developing policy and creating a framework for growth.”
Canada is already at the forefront of cryptocurrency innovation, launching the world’s first Bitcoin ETF in 2021. Quebec is also home to over 9% of global Bitcoin mining. The regulatory framework and regulations would undoubtedly bolster Canada’s move to become a center for cryptocurrency innovation. It could also result in billions of dollars flowing into the country.
The Ontario Securities Commission recently banned several cryptocurrency exchanges in the province, but federal legislation will introduce regulations and guidelines across the country.
To be passed into law, the bill needs to undergo a second and third reading in the House of Commons and then in the Senate. It can then be signed by the Governor General. However, MP Garner, a member of the minority Conservative Party, would also need support from other parties.
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