- Lawmakers submit report on blockchain industry
- They ask that it be equated with other fields
- And fully regulated
The Canadian House of Commons Industry and Technology Standing Committee has developed a policy paper on blockchain technology. It’s called “Blockchain Technology: Cryptocurrencies and Beyond.”
The report includes a series of recommendations for the Canadian government to support and grow the blockchain industry.
The document emphasizes blockchain technology’s potential “to digitize unexplored sectors of the economy and launch unprecedented value creation.”</nbsp;
The committee urges authorities to recognize blockchain as a full-fledged industry that provides jobs for citizens and has significant economic promise.
The document’s guiding principles recognize the need for a legal framework to regulate cryptocurrencies. It mentions the FTX bankruptcy story as a landmark example. The committee commends Canadian laws. This, among other things, helped that the FTX collapse had limited impact on local firms.
Officials suggest a national blockchain strategy. It will contain a comprehensive set of rules to protect investors, consumers and the companies themselves.
Lawmakers have also proposed applying special rules in the regulation of stabelcoins. According to the committee, they are different from other types of cryptocurrencies, and therefore should get more options for use.
The committee believes that they are different from other types of cryptocurrencies.