The support for cryptocurrency has been increasing from different nations all over the world. One name that has been added to the list would definitely be Canada.
The nation has been preparing for the growth of cryptocurrency for a very long period of time. According to a Canadian Member of Parliament in the House of Commons, in order to ensure that Canada is able to become the leader of the world, the nation requires the assistance and expertise of crypto-asset investors and experts in the best way to tell them what policy to invest in and what they wouldn’t require.
Michelle Rempel Garner, who is the Canadian MP mentioned, “To be a world leader, Canada needs to make sure crypto-asset experts and investors are telling us what policy they need or what policy they don’t need,”.
Michelle Rempel Garner has managed to introduce a bill that proposes the entire government set up a particular framework in order to properly encourage the success and growth of cryptocurrency in the entire nation, according to the best website crypto news.
In the very 1st reading that happened for the Bill in the House of Commons this particular Wednesday, Garner actually made a very important proposal as the Minister of Finance in Canada. The MP wanted to consult with certain experts in the industry of cryptocurrency to create a particular framework that would definitely help in boosting the creativity and innovation centered on cryptocurrencies in the best way.
The bill, which was titled the “Encouraging the Growth of the Cryptoasset Sector Act,” would also require the finance minister to report on the framework and introduce legislation within three years of passage.
New Hopes for Cryptocurrency Sector in Canada
Under Canadian law, a bill can become law by undergoing a first, second, and third reading in either the House of Commons or the Senate, passed to the other chamber for a similar process, then given Royal Assent — i.e., signed into law by the Governor-General.
A member of Canada’s Conservative Party, currently a minority in the House of Commons, Garner would need support from other parties for the crypto bill to succeed. She said on Twitter that she hoped to avoid “political polarization” in attempting to grow the space.
“Cryptoassets have the significant economic and innovative potential for Canada,” is said in the bill. “The framework must, among other things, focus on lowering barriers to entry into the crypto asset sector while protecting those working in the sector and minimizing the administrative burden.”
Garner said, “This bill creates a mechanism to formally engage the expertise of crypto-asset innovators and investors in policy development and create a framework for growth.”
The bill has the sustenance of Alberta-based crypto miner Hut8, who announced shortly after the reading that it reinforced “collaborative efforts by Parliament to reinforce the Blockchain ecosystem in Canada.” Shark Tank star Kevin O’Leary — a HODLer who holds Canadian citizenship — hinted at providing “billions of investment” dollars into the country if there were a clear policy framework on crypto. This shows the importance of having a proper framework for the Canadian sector that can help with many important things.
An MP for Calgary Nose Hill in Canada’s House of Commons, Rempel holds an economics degree and has served in government for 11 years. In December, she reached out to Crypto Twitter users to ask what the Canadian government could do to “improve the space.”
In the last year, the Ontario Securities Commission has been rapid in finding out crypto exchanges operating in the province, including KuCoin, OKEx, and Bybit. However, the Deputy Governor of Bank of Canada Paul Beaudry has made a suggestion that crypto does not pose any noteworthy risk to the country’s financial arrangement given the current adoption level that it has.