Parliamentary report recommends Canada recognize, strategize blockchain industry
A Canadian House of Commons committee report has recommended that the country “recognize blockchain as an emerging industry,” and take all the steps that entails. There are a lot of steps needed, it said.
The report was released by the Canadian House of Commons Standing Committee on Industry and Technology after a study that involved five meetings and numerous witnesses and briefs. The report outlined uses of blockchain that included cryptocurrency, supply chain and public sector uses and non-crypto financial innovations.
“Canada punches above its weight,” in blockchain innovation and entrepreneurial capacity, one witness for the committee said. In 2021, 2.5% of large enterprises in Canada used blockchain, while less than 1% of small and medium-sized enterprises did so. Witness estimates of the number of Canadians employed in the blockchain industry in 2020 was put at 16,000, and another witness estimated that cryptocurrency firms employed 13,000 Canadians in 2022.
Related: Canadian regulator explains stance on crypto staking, lending for investment funds
Citing witnesses, the report stated that “cryptocurrency trading platforms are sufficiently regulated to protect consumers from risks seen from foreign platforms.” It credited the collapse of the Canadian QuadrigaCX trading platform in 2019 for spurring regulators into action. Their efforts continue:
The report also noted that, while large-scale problems have received most media attention, consumers seeking entry into the crypto market on a small scale are also frequently targeted by bad actors.
A House of Commons committee says blockchain could create 'significant long-term economic and job creation opportunities in Canada,' but experts say Ottawa has a lot of work to
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