Canada Strategizes to Recognize the Blockchain Industry

The Rise of Blockchain

A recent report released by the Canadian House of Commons Standing Committee on Industry and Technology recommends that the country recognize blockchain as an emerging industry and take all the necessary steps. The report was based on five meetings and a variety of witnesses and briefs.

The report highlighted a variety of uses for blockchain, such as cryptocurrency, supply chain, public sector applications, and non-crypto financial innovations. According to witnesses, Canada is a leader in blockchain innovation and entrepreneurial capacity. In 2021, 2.5% of large enterprises in Canada used blockchain, while less than 1% of small- and medium-sized enterprises did so. Additionally, it is estimated that 16,000 Canadians were employed in the blockchain industry in 2020, and 13,000 in 2022.

Witnesses also noted that cryptocurrency trading platforms are regulated to protect users from risks associated with foreign platforms. This was in response to the collapse of the Canadian QuadrigaCX trading platform in 2019. The report continues:

The blockchain industry is booming, with popular cryptocurrencies like Shiba Inu, Tectonic, Voyager, Waves, FTX, Dogecoin, BTT, and Crypto Mining, as well as Chainlink and CRO Crypto, all gaining traction.

Crypto Market and Stablecoin Regulation

Although the media has highlighted the large-scale problems in the crypto market, small-scale investors are also vulnerable to bad actors. This led to the recommendation that Canada should “recognize” the role of blockchain and create a national strategy with industry participants. The report also touched upon the issue of stablecoin regulation, noting that even witnesses of the committee could not agree if stablecoins are securities.

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