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Canadian MPs Propose Crypto Promotion Bill

 


The bill proposes a collaborative process between the government and the crypto industry to create the regulatory framework.


Canadian MP Michelle Rempel Garner today introduced a bill that focuses on creating a framework to encourage the growth of the crypto sector in the country.


The bill, titled "Encourage Growth of Cryptoasset Sector Law," also proposes that the Treasury Department consult with industry experts to develop a regulatory structure that can foster innovation.


The member of the Canadian House of Commons also called on the Treasury Secretary to report on progress in creating the framework and introducing subsequent legislation within three years of the passage of the bill.


Garner highlighted crypto's significant economic and innovative potential for Canada, saying that such a framework is crucial to inviting investment to the country:


“To be a global leader, Canada needs to make sure crypto asset professionals and investors tell us what policies they need and don't need.


This bill creates a mechanism to formally engage the expertise of crypto asset innovators and investors in policy development and provide a framework for growth . "


Garner explained on Twitter that she hopes the bill will not be caught between political polarization. As a member of the currently minority Conservative Party, the MP will need support from other parties to pass the law.


Garner explained that, among other things, the framework must focus on lowering barriers to entry into the crypto-asset sector while protecting those employed in the sector and minimizing administrative burdens.


The introduction of the bill has received positive reactions from the crypto community.


Alberta-based crypto miner Hut8 emphasized that the bill makes room for “collaborative efforts by Parliament to strengthen the blockchain ecosystem in Canada  . ”


Shark Tank star Kevin O'Leary also backed the bill, stating that a clear policy framework for cryptocurrencies will attract billions of dollars in investment to the country.

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