Canada introduced bill to stimulate crypto sector growth

However, the document does not establish any specific policy for regulating the sphere of digital assets

13.02.2022 - 07:10

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What’s new? Canadian parliament member Michelle Rempel Garner introduced Bill C-249. The document commits Canada’s Minister of Finance to develop a national framework to encourage the growth of the crypto asset sector, as well as to consult with those working in this field.

Bill C-249

What does Garner say? She explained that government officials discuss and set policies regarding cryptocurrencies. However, she noted that many lawmakers do not have a thorough understanding of what digital assets are, how they function, and their great potential for economic growth.

“To be a world leader, Canada needs to make sure crypto asset experts and investors are telling us what policies they need, or what policies they don’t need. This bill requires the minister of finance to formally ensure that their voices help lead policy development.”

What are the details of the bill? Within three years of the law’s enactment date, the Minister must prepare a report outlining the main provisions. According to the website set up to explain the legislation, the document does not establish any specific policy for regulating cryptocurrencies.

“Instead, this bill creates a mechanism to formally engage the expertise of cryptoasset talent in policy development so that their voices lead the way,” the website says.

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