According to a blog post published by Coinbase on 28 June 2023, the Canadian House of Commons Parliamentary Standing Committee on Industry and Technology (INDU) recently released a comprehensive report exploring the potential of blockchain technology and cryptocurrency use cases in Canada. The report, which includes 16 recommendations, acknowledges the value and utility of blockchain technology, a move that has been welcomed by Coinbase, a company committed to enhancing economic freedom and opportunity globally.
Coinbase, as part of its International Expansion strategy, is excited about these promising recommendations and the potential they hold for the Canadian market, a key focus area for the company. Earlier this year, Coinbase announced some significant developments in Canada, including signing an enhanced Pre-Registration Undertaking. The company continues to engage in productive dialogues with policymakers, regulators, and customers as it expands its product offerings in the country.
The report’s highlights include recognizing blockchain as an emerging industry, emphasizing the need for consumer protection and regulatory clarity, establishing a national blockchain strategy, and suggesting an innovative regulatory approach to cryptocurrencies and stablecoins.
The committee recommends that the federal government recognize blockchain as an emerging industry with significant long-term economic and job creation opportunities. Coinbase supports this view and is actively building its team in Canada to drive growth and localize the Coinbase experience for Canadian customers.
The report also stresses the importance of improving consumer protection and regulatory clarity in the digital assets field. Coinbase echoes this sentiment, believing that crypto and blockchain technology can increase economic freedom and opportunity worldwide.
The committee suggests that the Government of Canada, in consultation with provinces and stakeholders, should establish a national blockchain strategy. This strategy would provide a clear policy direction and regulatory approach, fostering innovation, supporting industry growth, and ensuring regulatory coherence across the country.
The committee also recommends innovative pilot projects using distributed ledgers to strengthen the ecosystem and recognize emerging businesses. It suggests a distinct regulatory approach for stablecoins, a type of cryptocurrency pegged to a stable asset like fiat currency.
Coinbase supports these recommendations and believes they provide valuable insights to propel Canada forward as a leader in the crypto economy.