Canadian House Committee’s Recommendations for Blockchain Regulation
A Canadian House committee has released a report with 16 recommendations for the regulation of the blockchain industry in the country. The report takes a bullish stance on blockchain and highlights its potential to create jobs and foster economic growth.
- The committee calls for the government to recognize blockchain as a growing industry.
- The report suggests a “neutral and equitable position” towards the Bitcoin mining industry to attract investments and ensure fair taxation.
- Protecting individuals’ right to self custody and providing easy access to safe and reliable on and off ramps are also recommended.
Coinbase Praises the Report
Crypto exchange Coinbase has praised the report and commended the committee’s forward-thinking approach. The company particularly appreciates the recommendation for a unique regulatory approach for stablecoins, which it believes will enable effective oversight while promoting innovation.
Canada’s current position on stablecoins as securities differs from Coinbase’s CEO Brian Armstrong’s stance. The U.S. SEC also considers stablecoins as securities, as evident from its recent lawsuit against Binance.
Hot Take
The Canadian House committee’s bullish stance on blockchain regulation and its recognition of blockchain’s potential for economic growth is a positive development. The recommendations, especially regarding the Bitcoin mining industry and stablecoins, showcase a commitment to fostering a competitive environment and promoting innovation. Coinbase’s support further highlights the significance of these recommendations in providing regulatory clarity and fostering a favorable environment for the blockchain industry in Canada.
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