- Legislators presented a report on the blockchain industry
- They ask to equate it with other areas of activity
- And ensure full regulation
Canadian House of Commons Standing Committee on Industry and Technology developed policy paper on blockchain technology. It is called “Blockchain Technology: Cryptocurrencies and Beyond”.
The report includes a set of recommendations for the Canadian government to support and grow the blockchain industry.
The document highlights the potential of blockchain technologies “to digitize unexplored sectors of the economy and trigger unprecedented value creation.”
The Committee calls on the authorities to recognize blockchain as a full-fledged industry that provides citizens with jobs and has significant economic prospects.
The guiding principles of the document recognize the need to create a legal framework for the regulation of crypto firms. It mentions the FTX bankruptcy story as a landmark example. The Committee appreciates Canadian laws. This, among other things, helped ensure that the FTX collapse had a limited impact on local firms.
Officials are proposing to develop a national blockchain strategy. It will contain a comprehensive set of rules to protect investors, consumers and companies themselves.
Also, legislators proposed to apply special rules in the regulation of stablecoins. According to the committee, they are different from other types of cryptocurrencies, which means they should get more use cases.