Canada lawmakers want national blockchain strategy

Quick Take

  • A group of lawmakers in Canada is calling on the government to devise a blockchain strategy for the nation. 

Canada could be on the way toward having its own official blockchain strategy. 

A group of lawmakers in the country has called on the government to roll out a nation-wide strategy that would bring further regulatory clarity to the market, according to recommendations released this month.

The first recommendation in a report from the country's House of Commons Standing Committee on Industry and Technology calls on the government to "recognize blockchain as an emerging industry in Canada, with significant long-term economic and job creation opportunities."

Among a total of 16 recommendations, the report also calls on the government to "pursue opportunities for international cooperation in the development of blockchain regulations and policies including with our major trading partners." 

Regulatory safeguards

The committee said it held 5 meetings over the course of the study, where it heard from 31 witnesses and received six briefs. 

"While many emphasized Canada’s strong regulatory safeguards, such as provincial securities regulation and federal anti-money laundering and anti-terrorism financing obligations, witnesses stated that governments need to partner with industry to better understand this rapidly evolving sector and enact regulations that protect consumers without unnecessarily hindering innovation," the report stated. 

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