Conservative Member of Parliament Michelle Rempel Garner introduced Bill C-249, “Encouraging the Growth of the Cryptoasset Sector Act,” in the Canadian House of Commons on Wednesday, Feb. 9.
If passed, the bill would establish a framework requiring Canada’s finance minister to consult with provincial and territorial designated crypto experts. Garner said in a video clip that officials and lawmakers set policy despite being unfamiliar with cryptocurrencies and that this bill could solve that problem.
The framework would “focus on lowering barriers to entry” into the cryptocurrency sector and also “protect those working in the sector” while reducing administrative burdens.
Garner also stated that “Canada should attract billions of dollars of investment into the fast-growing cryptocurrency industry.” The proposal aims to encourage growth in the sector.
Bill C-249 has already received the support of Hut 8 Mining, a Canadian crypto mining company, which says it will consult with lawmakers. Shark Tank host Kevin O’Leary has also commented on the bill, stating that it could funnel “billions of investment [dollars]” to Canada if the country creates a sound cryptocurrency policy.
Although the bill was introduced by the Conservatives MP, Canada’s current Finance Minister Chrystia Freeland is a member of the Liberal Party. Some expect Freeland to succeed Justin Trudeau, Canada’s current prime minister, as party leader.
Canada Is a Little-Known Crypto Hotspot
Canada’s cryptocurrency industry is rarely discussed. Nevertheless, the country has some advantages in the area.
The Canadian provinces of Quebec and Toronto were among the first regions in the world to approve Bitcoin spot ETFs, an investment vehicle that has still not been approved in the United States.
Quebec is also a major center for Bitcoin mining due to its inexpensive hydroelectric energy and cool temperatures. Canada currently provides about 9.6% of the global Bitcoin mining hashrate, according to recent data from Global X ETFs.
Canada is also home to Vitalik Buterin, the Russian-Canadian programmer who created the Ethereum blockchain.