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A Canadian MP has proposed a bill that would help the crypto industry grow

“To be a world leader, Canada must ensure that cryptoasset specialists and investors are telling us what policies they need and don’t need,” Michelle Rempel Garner said.

Michelle Rempel Garner, a member of Canada’s House of Commons, has proposed that the government create a framework to promote the country’s cryptocurrency sector to thrive.

Garner proposed that Canada’s Minister of Finance — currently Chrystia Freeland, a member of the country’s Liberal Party — consult with industry experts to develop a regulatory framework aimed at boosting cryptocurrency innovation during the first reading of Bill C-249 in the House of Commons on Wednesday. The “Encouraging the Growth of the Cryptoasset Sector Act” would also mandate that the Finance Minister provide a report on the framework and introduce legislation within three years of its passage.

The law stated, “Cryptoassets offer great economic and inventive possibilities for Canada.” “Among other things, the framework should focus on lowering obstacles to entrance into the cryptoasset sector while also protecting individuals who operate in it and reducing administrative burden.”

A bill can become legislation in Canada by going through a first, second, and third reading in either the House of Commons or the Senate, then being transmitted to the other chamber for a similar process, and finally receiving Royal Assent – the Governor General signing it into law. Garner is a member of Canada’s Conservative Party, which is presently in the minority in the House of Commons, and the crypto bill would need support from other parties to pass. On Twitter, she stated that she wished to prevent “political divisiveness” in her efforts to expand the space.

 

“To be a global leader, Canada must ensure that cryptoasset specialists and investors are telling us what policies they need and don’t need,” Garner added. “This measure establishes a platform for growth by formally involving the knowledge of cryptoasset developers and investors in policy creation.”

Hut8, an Alberta-based crypto miner, has expressed support for the measure, stating shortly after the reading that it supports “collaborative efforts by Parliament to promote the Blockchain ecosystem in Canada.” Kevin O’Leary, a HODLer with Canadian citizenship, suggested that if there was a clear policy framework for crypto, he would invest “billions of dollars” in the country.

Rempel holds an economics degree and has served in Parliament for 11 years as an MP for Calgary Nose Hill in Canada’s House of Commons. She contacted Crypto Twitter users in December to ask what the Canadian government might do to “better the space.”

The Ontario Securities Commission, which includes KuCoin, OKEx, and Bybit, has been cracking down on crypto exchanges operating in the province over the previous year. However, according to Bank of Canada deputy governor Paul Beaudry, given its current level of use, cryptocurrency does not pose a serious risk to the country’s financial system.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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