The bill proposes a collaborative process between the government and the crypto industry for the creation of the regulatory framework
Canadian MP Michelle Rempel Garner introduced a bill focused on creating a framework for encouraging the growth of the crypto sector in the country earlier today.
Titled “Encouraging the Growth of the Cryptoasset Sector Act”, the bill also proposes that the Finance Ministry consult with industry experts to develop a regulatory structure that can promote innovation.
The member of the House of Commons of Canada also called upon the finance minister to report on the progress in creating the framework and introduce subsequent legislation within three years of passage of the bill.
Highlighting the significant economic and innovative potential of crypto for Canada, Garner said that such a framework was crucial in inviting investments to the country:
"To be a world leader, Canada needs to make sure crypto-asset experts and investors are telling us what policy they need or what policy they don’t need.
This bill creates a mechanism to formally engage the expertise of crypto-asset innovators and investors in policy development and create a framework for growth."
Garner took to Twitter to state that she hopes that the bill will not be caught in between political polarization. As a member of the currently-minority Conservative Party, the MP will require support from other parties to pass the bill.
Garner explained that the framework must, among other things, focus on lowering barriers to entry into the crypto asset sector while protecting those working in the sector and minimizing the administrative burden.
The introduction of the Bill has received positive reactions from the crypto community.
Alberta-based crypto miner Hut8 announced that the bill makes space for “collaborative efforts by Parliament to strengthen the Blockchain ecosystem in Canada.”
Shark Tank star Kevin O’Leary also supported the bill, stating that a clear policy framework on cryptocurrencies will attract billions of dollars in investment to the country.