Canada’s first bill on cryptocurrency regulation aims to boost industry’s potential



Experts say the private member’s bill on cryptocurrency regulation is a step in the right direction for Canada to catch up with other countries.DADO RUVIC/Reuters

The Conservatives are calling on the federal government to create a national framework to grow the cryptocurrency industry, in what is the first bill introduced in the House of Commons directly targeting the rapidly developing sector.

Conservative MP Michelle Rempel Garner introduced the private member’s bill on Wednesday. She directs the Canadian Minister of Finance to create a framework within three years to grow the cryptocurrency sector in Canada and reduce the administrative burden for those who work in it. She specifically asks the minister to consult with crypto experts when drafting the plan, but does not state what policy direction to take.

Nearly 25% of Small Businesses in Nine Countries Plan to Accept Crypto as a Form of Payment in 2022: Survey

They made millions on Luna, Solana and Polygon: the rise of cryptocurrencies beyond Bitcoin

In an interview, Ms. Rempel Garner said that the bill is necessary because the crypto industry has shown spectacular growth in recent years and has potential for more. At the same time, she said, public officials and lawmakers lack understanding of the field, and she hopes the process outlined in the bill bridges the gap between the public and private sectors on this issue.

“Instead of taking a prescriptive policy approach, because I think there’s not necessarily consensus, what I tried to do is give people who work in the space the opportunity to drive the bus in developing policy,” she said. Mrs Rempel Garner. .

He said he also hopes that by keeping the process open for now, the bill can attract support from other parties.

Erica Pimentel, a professor at Queen’s University Smith School of Business who studies cryptocurrencies, said the private members bill is a step in the right direction for Canada to catch up with other countries.


Michelle Rempel Garner attends a press conference in Ottawa on January 29, 2020. Ms. Rempel Garner says public officials and legislators do not understand the cryptocurrency industry, and she hopes the process outlined in the bill bridge the gap between the public and private sectors on this issue.BLAIR GABLE/Reuters

“It opens the floor to an increasingly important conversation that hasn’t been properly had yet on Parliament Hill,” Professor Pimentel said.

However, he said, the lack of detail in the bill could cause the process to drag out, making it difficult to achieve policy in a meaningful timeframe.

There is more and more talk of cryptocurrencies on Parliament Hill. The organizers of the Ottawa protest that effectively shut down the city center have had to resort to cryptocurrency for your fundraising, after being banned from more traditional crowdfunding platforms.

Furthermore, the issue has come up in the government’s ongoing pre-budget consultations. Last month, the finance committee testimony heard from the owner of a restaurant chain, who urged the government to buy $10 billion worth of bitcoins and make the digital asset legal tender like the Canadian dollar.

The bill is expected to receive more debate in the coming months and a vote before the summer.

Your time is valuable. Get the Top Business Headlines newsletter conveniently delivered to your inbox morning or night. sign up today.