Canadian Lawmaker Introduces Bill to Encourage Crypto Sector Growth – Regulation Bitcoin News

Canada has introduced a bill to promote the development of crypto assets. “Canada should be attracting billions of dollars in investment in the fast growing crypto asset industry. Today I introduced a bill, the first of its kind in Canada, to make sure this becomes a reality,” said the parliament member who introduced the bill.

Canada launches Bill to Grow Crypto Sector

Canadian parliament member Michelle Rempel Garner introduced “Bill C-249” on Wednesday, which “may be cited as the Encouraging the Growth of the Cryptoasset Sector Act,” according to the text of the bill.

Conservative MP Garner tweets:

Canada should be attracted to the crypto asset market’s rapid growth by attracting billions. To make this a reality, I today introduced a bill that is the first in Canada.

The bill requires Canada’s minister of finance “to develop a national framework to encourage the growth of the cryptoasset sector.” In addition, it requires the minister “to consult with persons working in the sector.”

According to her, government officials were discussing the issue and setting guidelines for crypto assets. She pointed out, however, that not all lawmakers have a deep understanding of crypto assets, their function or the huge potential they offer for economic growth.

“To be a world leader, Canada needs to make sure crypto asset experts and investors are telling us what policies they need, or what policies they don’t need,” she emphasized. “This bill requires the minister of finance to formally ensure that their voices help lead policy development.”

Here are the details of the bill

Three years from the date this Act becomes effective, the minister must produce a report outlining the framework. The report must be presented in every House of Parliament within the first fifteen days after it is complete.

According to the site that was created to explain the legislation the bill does NOT establish any policy to regulate cryptocurrency. “Instead, this bill creates a mechanism to formally engage the expertise of cryptoasset talent in policy development so that their voices lead the way. It ensures that the experts have a say in what policy they need, or don’t need,” the website describes.

How do you feel about the bill? Please comment below.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.