Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Metaverse News

Canadian Web3 Council urges Senate to “effectively harmonize” digital asset regulations

A group advocating for Web3 technology in Canada has asked the Canadian Senate to convene “a forum for an open and thorough discussion on the role and governance of digital assets in Canada.” Metaverse news indicates how Canadian web3 activists have prioritized the digital worlds and urged the government not to fall behind.

The Canadian Web3 Council desires to perform a comprehensive examination into how to successfully support and standardize Canada’s regulatory environment for digital assets.

Some of Canada’s leading crypto, blockchain, and FinTech businesses are members of the Canadian Web3 Council.

Its membership includes Wealthsimple, WonderFi, Dapper Labs, Ledn, and Shakepay.

The council’s purpose is to promote the growth of Web3 technology in Canada through policy innovation.

According to the non-profit trade association, a study is essential because the federal Department of Finance is now consulting on the digitalization of money.

The Liberal federal administration said in November that the Department of Finance would begin consultations with stakeholders on digital currencies such as cryptocurrencies, stablecoins, and central bank digital currencies.

In their letter, the organization asserted that Canada takes pride in achieving the ideal balance between technological innovation and stringent regulatory oversight.

The Council highlighted a recent Nanos Research poll (conducted in partnership with the council) which revealed that one in four Canadians own digital assets and that thousands of people are employed in the Web3 economy.

They think a growing number of governments around the world recognize blockchain technology and digital assets as innovative tools and are drafting regulations to pave the way for the future of the Web3 economy.

“Canada must not be left behind,” declared the council.

“Yet repeatedly, the Web3 sector has become needlessly politicized,” the council wrote.” “This politicization comes at the expense of a legitimate public policy debate about how to support the responsible growth of an industry that matters to Canada’s future.”

The council has said before that Canada is behind other countries when it comes to pushing Web3 policies and coming up with a plan. The Canadian Web3 Council has said in the past that Canada is falling behind on Web3 because of US President Joe Biden’s executive order from last year. This order told the US government to look into the risks and benefits of crypto and blockchain, as well as the possibility of a digital currency issued by the US central bank. The council also talks about what the European Union is doing to regulate crypto.

They has also criticized what it calls the “needless politicization” of the Web3 sector. It did this by pointing to a number of negative responses to Pierre Polievre, the leader of the federal Conservative Party, who said that promoting bitcoin and other cryptocurrencies as a way to fight inflation in Canada would be a good idea.

The Canadian Web3 Council says that Canadians played a “crucial role” in creating some of the most successful blockchain projects, such as Ethereum, a public network that serves a variety of decentralized applications. “We are working to empower Canadians to recognize the economic and social benefits of this transformative technology.”

Content Source:

Latest metaverse news and tutorials right at your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided on this website, any hyperlinked sites, social media accounts and other platforms is for general information only and has been procured from third party sources. We make no warranties of any kind regarding this content. None of the content should be interpreted as financial, legal, or other advice meant to be relied on for any purpose. Any use or reliance on this content is done at your own risk and discretion. It is your responsibility to conduct research, review, analyze, and verify the content before relying on it.

About MahKa

Canadian Web3 Council urges Senate to "effectively harmonize" digital asset regulationsMahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

Recommended Posts