Michelle Rempel Garner, a member of Canada’s House of Commons, has introduced a bill asking the government to create a framework to encourage the growth of the cryptocurrency sector in the country.
In the first reading of Bill C-249 in the House of Commons on Wednesday, Garner invited Canada’s finance minister – currently Chrystia Freeland, a member of the country’s Liberal Party – to consult with industry experts to develop a regulatory framework aimed at spurring innovation. around cryptocurrencies. The bill, entitled “Law to Encourage the Growth of the Crypto Asset Sector,” will also require the Minister of Finance to report on the structure and enact legislation within three years of its passage.
“Crypto assets hold significant economic and innovation potential for Canada,” the bill states. “The framework should, among other things, aim to lower barriers to entry into the crypto asset sector while protecting those working in the sector and minimizing the administrative burden.”
Under Canadian law, a bill can become law by passing first, second, and third readings in either the House of Commons or the Senate, referred to another house for a similar process, and then receiving royal assent, i.e. signed by the governor. General. A member of the Conservative Party of Canada, currently a minority in the House of Commons, Garner will need support from other parties if the cryptocurrency bill is to succeed. She tweeted that she hoped to avoid “political polarization” in an attempt to expand the space.
“To be a global leader, Canada needs to make sure that crypto asset experts and investors tell us what policies they need or what policies they don’t need,” Garner said. “This bill creates a mechanism to formally bring the expertise of cryptoasset innovators and investors into policy making and lay the groundwork for growth.”
Canada needs to attract billions of dollars of investment in the fast growing crypto asset industry. Today I introduced a bill, the first of its kind in Canada, to make sure this becomes a reality. Learn more about my account at https://t.co/htCy7rrZD6 pic.twitter.com/krmmTIOTt6 — Michelle Rempel Garner (@MichelleRempel) February 9, 2022
The bill received support from Alberta-based cryptocurrency miner Hut8, who shortly after the reading announced that it supported Parliament’s “joint effort to strengthen the blockchain ecosystem in Canada.” Shark Tank star Kevin O’Leary, a hodler with Canadian citizenship, hinted at giving the country “billion dollar investments” if there was a clear cryptocurrency policy.
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Member of Parliament for Calgary Nose Hill in the Canadian House of Commons, Rempel holds a degree in economics and has served in government for 11 years. In December, she reached out to cryptocurrency users on Twitter to ask what the Canadian government could do to “improve the space.”
Last year, the Ontario Securities Commission cracked down on crypto exchanges operating in the province, including KuCoin, OKEx and Bybit. However, Bank of Canada Deputy Governor Paul Baudry suggested that the cryptocurrency does not pose a significant risk to the country’s financial system, given its current level of adoption.
Zhiyuan Sun contributed to this story.