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Web3 Commission Of Canada Will Lead Government Cryptocurrency Policies

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  • Mauricio Di Bartolomolo, the co-founder of Ledn, argues that rather than a one-size-fits-all approach, Canada requires a series of rules that address every one of the nuances of the industry.
  • As the industry has expanded into a multi-trillion-dollar asset class, said a news release from Spelliscy and Djuric. Regardless of the fact that this emerging market presents challenges, the Canadian Web3 Commission believes it can work with authorities to help them better comprehend and regulate this complex field.
  • Web3 has had difficulty finding supporters among Canada’s major five banks, which all see the fledgling industry as too hazardous to deliver even the most basic services.

In response to recent requests for federal regulation, leaders in the blockchain space in Canada created a nonprofit on March 29 to drive the country’s regulation of crypto assets. The Canadian Web3 Council was founded by Connor Spelliscy and Jelena Djuric, who have both been instrumental in moving the crypto industry forward in the region. Members include Wealthsimple, NFT business Dapper Labs, Ether Capital, and financial services firm Ledn.

Canada’s Legislative Structure Falls Below Those Of The United States As Well As Europe

Now is the time for the government to collaborate alongside industry leaders to ensure intelligent regulation is established, as the industry has expanded into a multi-trillion-dollar asset class, said a news release from Spelliscy and Djuric. Regardless of the fact that this emerging market presents challenges, the Canadian Web3 Commission believes it can work with authorities to help them better comprehend and regulate this complex field.

The nonprofit’s initial move will be to advocate for a national cryptocurrency framework. The Web3 Commission, as per Spelliscy, would also serve as a key repository of competencies and understanding. We want to engage closely with Canadian policymakers to ensure that they understand the technology and how it can help the country, he said. There seem to be skeptics in the industry, but I’m optimistic that even more Web3 training will make them understand the technology’s possibilities. Indeed, Web3 has had difficulty finding supporters among Canada’s major five banks, which all see the fledgling industry as too hazardous to deliver even the most basic services.

The Conservative Government Is Running The Pro Crypto Push

Canadians have contributed significantly to the cryptocurrency sector. NFT initiatives including CryptoKitties as well as NBA TopShot, as well as Ethereum co-founder Vitalik Buterin, all seem to be Canadian. Nevertheless, Canada had trailed beyond the US as well as Europe in the context of online property laws, prompting the Conservative Party to call for state regulation of bitcoin as well as other virtual assets formation of the Web3 Council. Mauricio Di Bartolomolo, the co-founder of Ledn, argues that rather than a one-size-fits-all approach, Canada requires a series of rules that address every one of the nuances of the industry.

If elected Prime Minister, Conservative leadership candidate Pierre Poilievre has stated that he would make it easier for Canadians to transact with cryptocurrencies and for cryptocurrency enterprises to operate in Canada. He wants to make Canada the Blockchain Capital of the World by legalizing cryptocurrency and willingly cooperating with officials from other provinces to achieve regulatory consistency. A Poilievre government would welcome this new, decentralized, bottom-up economy and allow people to take control of their money from bankers and politicians, he said in a recent press statement.

ALSO READ: How Samsung and LG would step into crypto, following the SK group’s lead in space?

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