The Standing Committee on Industry and Technology (INDU) of the Canadian House of Commons has released a report that demonstrates lawmakers’ support for blockchain technology and cryptocurrencies. The report features 16 proposals that emphasize the advantages and potential of blockchain technology in various sectors.
The recommendations in the report suggest that the Canadian government should recognize blockchain as an emerging industry with long-term economic and job creation opportunities. It also proposes prioritizing the protection of individuals’ right to self-custody and promoting secure access to digital assets. In addition, the committee suggests that the government should establish a national blockchain strategy with experts, entrepreneurs, academics, investors and the AI industry.
The report also encourages the government to pursue international collaboration in developing blockchain regulations and policies, conduct pilot projects using distributed ledgers, adopt a distinct regulatory approach to stablecoins, promote the establishment of federally regulated cryptocurrency custodians, and provide access to banking and insurance services for blockchain businesses. Furthermore, it calls for the launch of a public awareness campaign that educates people about the risks of cryptocurrencies and the advantages of accessing cryptocurrency markets through regulated Canadian entities.
To ensure the mainstreaming of blockchain technology, the committee encourages the government to explore ways to promote the adoption of blockchain technology in supply chains and assess the benefits of the technology for electronic voting, consultation and modernization of democratic institutions. Moreover, it suggests that the Canadian Department of Finance should investigate the equity between provinces in applying the Excise Tax Act to digital asset mining activities.
