Canadian committee proposes measures to support blockchain, crypto

The report highlights the benefits and potential of blockchain technology in various fields. As a result of the discussions, INDU formulated recommendations, which were included in the report for consideration by the House of Commons and the Government of Canada.

The aforementioned report recommends that the Government of Canada recognize blockchain as the latest emerging industry with significant long-term economic opportunities and job creation potential. It is recommended to prioritize protecting the right of citizens to self-control and to promote safe and secure access to digital assets.

In line with the government's push for crypto legislation, INDU is proposing that the government develop a blockchain plan at the state level, involving experts, entrepreneurs, scientists, investors, and representatives of the artificial intelligence (AI) industry. The strategy provides for the creation of a platform for information exchange and monitoring, analysis of promising areas for development, government advice on potential initiatives, and support for legislative bodies in implementation.

The report also proposes that the government develop international cooperation in the development of regulations and regulations in the field of blockchain, conduct innovative pilot projects using distributed ledgers, adopt a clear regulatory approach to stablecoins, promote the creation of federally regulated custodial cryptocurrency custodians, and providing access to banking and insurance services for blockchain companies.

The report also indicated that a campaign should be launched to inform the public about the risks associated with cryptocurrencies and the benefits of accessing crypto markets through regulated government agencies in Canada.

In order for blockchain technology to become mainstream, the committee calls on the government to explore ways to promote the adoption of blockchain technology in supply chains and explore the benefits of this technology for e-voting, consultation, and the modernization of democratic institutions.

Recently, Treasury Canada has proposed legislative amendments to the Excise Tax Act related to the mining of crypto assets and rewards for it. The INDU proposal recommended exploring the issue of equality between regions in the application of the Excise Tax Law to mining and argued that digital asset mining is a competitive industry.