Member of the House of Commons of Canada proposed Bill C-169, aimed at developing the cryptocurrency sector in the country. On Wednesday, this bill was considered in the first reading by Canadian parliamentarians.
According to Michelle Rempel Garner, in order to lead in the cryptosphere, it is necessary to encourage the growth of projects in the field of digital currencies. At the same time, the authorities need to make sure that the cryptocurrency community is actively involved in the development of future policies for the development of the crypto sector.
Garner contacted to the Minister of Finance of Canada with a request to involve prominent industry experts in consultations on the development of the regulatory framework. According to her, this is necessary in order to:
201920reduce barriers to entry into crypto projects;
stimulate innovation in the cryptocurrency sector;
Protect investor protection with minimal administrative burden.201920
To become law, this bill must pass I, II, III reading either in the House of Commons or in the Senate. MP Garner hopes that the bill will receive the support of investors and other figures in the cryptosphere. Canadian media note that currently it has already been supported by the mining company Hut8.
Recall that Canada has a difficult relationship with digital assets. Last year, the country introduced a number of restrictions on cryptocurrency exchanges operating on the market. However, the authorities do not consider digital currencies a threat to the traditional financial system.