Canadian lawmakers have shown their support for blockchain technology and cryptocurrencies in a report released by the Parliamentary Standing Committee on Industry and Technology (INDU) of the Canadian House of Commons.
The report, consisting of 16 separate proposals, highlights the advantages and potential of blockchain technology in various sectors.
Coinbase has praised the proposals and recognizes Canada as an important market for its international expansion.
One of the key recommendations in the report is for the Canadian government to acknowledge blockchain as a rapidly developing sector with long-term economic and job growth potential. By embracing blockchain technology, Canada can position itself as a market leader, attract investments, and foster innovation to boost its economy and create job opportunities for its residents.
Coinbase is committed to contributing to this growth by expanding its workforce in Canada and tailoring the Coinbase experience to meet the needs of Canadian users.
The report also emphasizes consumer protection and regulatory clarity. The committee highlights the importance of protecting individuals’ rights to self-custody while ensuring easy access to secure platforms for buying and selling digital assets.
Coinbase shares the committee’s focus on enhancing consumer protection and regulatory clarity. The company believes that cryptocurrencies and blockchain technology have the potential to empower individuals worldwide and is dedicated to providing reliable cryptocurrency products and services.
Additionally, the committee recommends establishing a national blockchain strategy in collaboration with provinces and stakeholders. This strategy would provide clear policy direction and regulatory frameworks, foster innovation, ensure regulatory consistency across the country, and demonstrate the federal government’s involvement in the blockchain sector.
As a result, Canada can become an attractive destination for blockchain-related enterprises and startups by expressing support for blockchain technology.
The report also addresses stablecoins and recommends conducting distributed ledger pilot projects to strengthen the ecosystem and identify emerging businesses. The committee suggests implementing specific regulations for stablecoins, recognizing their unique characteristics compared to other cryptocurrencies. This approach facilitates effective oversight while fostering innovation in the stablecoin space.