Canadian crypto industry launches Web3 council and push for regulation


“As the industry has become a multi-trillion dollar asset class, now is the time for the government to work together with industry leaders to ensure thoughtful policy is formed,” Spelliscy and Djuric said in a statement. press.

Web3 says that the next phase of the Internet puts the World Wide Web under the control of people and is powered by blockchain technology.

The council’s first priority is to advocate for a national strategy for cryptocurrencies and digital assets, according to the press release.

Canadian entrepreneurs have played a significant role in the blockchain and digital asset space, from the founding of Ethereum to the launch of popular non-fungible token (NFT) platforms such as CryptoKitties and NBA Top Shot.

Despite this, the council says that Canada has lagged behind other jurisdictions such as the US and Europe when it comes to digital asset policies.

Tuesday’s announcement follows recent calls from the Conservative Party for the federal government to create a national framework for the crypto industry.

Additionally, federal Conservative leadership candidate Pierre Poilievre has said he would work to make it easier for Canadians to use cryptocurrencies and for crypto businesses to operate if he becomes prime minister.

With the official launch of this partnership, the next step is education and serving as a direct source of knowledge and experience, Spelliscy said in an interview.

“We want to work closely with Canadian policymakers so they understand the technology and how it could benefit Canada,” he said. “The industry has its skeptics, but I’m optimistic that with more education about Web3 we can help them understand the potential of the technology.”

Spelliscy also said the council intends to help develop and grow the Web3 industry in Canada by focusing on diversity, equity and inclusion initiatives.

“As a country, we will have to act quickly if we want to establish ourselves as a world leader in space, given that other jurisdictions are ahead of us,” he said.

Mauricio Di Bartolomeo, co-founder of Ledn, said part of the council’s role is to make sure there is unity in the cryptocurrency industry and Web3 in general.

“We want to have a united voice that can really engage with the government as they seek to create a framework that allows this diverse industry to flourish,” he said in an interview.

There are various obstacles facing different segments of the Web3 industry, including access to the most basic services of the Big Five banks due to a lack of understanding and a perception that the industry is too risky, Di Bartolomeo said.

“Most of the major Canadian crypto firms work with US companies,” he said. “This is one of the first things we need to fix.”

He said that clear guidelines should be given to banks so that they can properly assess these cryptocurrency companies and know what to look for.

Di Bartolomolo said Canada ultimately needs a set of policies to cover how broad and nuanced the Web3 industry is, not simply a one-size-fits-all approach.