Canadian lawmakers have released a report on blockchain technology, offering recommendations to promote its adoption while balancing regulation and innovation. In contrast to the fragmented regulatory landscape in the United States, Canada aims to take a more comprehensive approach.
The report, titled Blockchain Technology: Cryptocurrencies and Beyond, was published by the Standing Committee on Industry and Technology in the Canadian House of Commons. It emphasizes the potential of blockchain technology to revolutionize various sectors of the economy and generate substantial value.
The first recommendation calls for the Canadian government to recognize blockchain as an emerging industry with significant economic and employment prospects.
The committee therefore proposes the development of a national blockchain strategy which would involve reviewing consumer protection regulations and safeguarding rights to self-custody of various digital assets.
Additionally, the committee suggests adopting a distinct regulatory approach for stablecoins as they consider stablecoins to have unique use cases and regulatory challenges that set them apart from other cryptocurrencies like Bitcoin and Ethereum.
The recommendations also address the importance of educational initiatives to raise public awareness about the risks and benefits associated with cryptocurrencies. Furthermore, the committee proposes the establishment of a sandbox environment to facilitate innovation by allowing entrepreneurs to experiment with new technologies without facing regulatory barriers.
Canadian Lawmakers Take A More Holistic Approach To Blockchain Adoption
![](https://files.constantcontact.com/b44f1673801/193bb887-eff2-4d4b-abe6-4dfdaf27e36f.jpg)
![](https://cryptoweekly.co/img/CryptoWeekly-Logo.png.webp)
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
![](https://files.constantcontact.com/b44f1673801/007fb39e-64a1-44d1-97a3-6bb63fbe3ecc.jpg)
September 07,2024
Here Is How To Protect Yourself Against Crypto Hackers
![](https://files.constantcontact.com/b44f1673801/bcb9aa30-2af3-45c0-b0a6-695e0fe2811c.jpg)
September 06,2024
Telegram Users Can Now Report Illegal Content In Private Chats
![](https://files.constantcontact.com/b44f1673801/74acd2e6-5cca-423a-ac05-6c11afa3cb21.jpg)
September 06,2024
EigenLayer Will Redistribute 86 Million Tokens In Season 2 Airdrop
![](https://files.constantcontact.com/b44f1673801/b0ac91e4-071f-4ec7-8a19-00c9bbfe3050.jpg)
September 05,2024
Richard Teng Demands Tigran Gambaryan Be Released Immediately
![](https://files.constantcontact.com/b44f1673801/7f1d072f-aba9-438e-b837-dc87942c1fb8.jpg)
September 05,2024
Robinhood Being Forced To Pay Massive Fine For Previous Ban
![](https://files.constantcontact.com/b44f1673801/f804f702-8ce4-4eab-ad22-f68184cbd0d1.jpg)
September 04,2024
Hackers Promote Fraudulent Trump Family Project
![](https://files.constantcontact.com/b44f1673801/ef78b196-b83a-40f0-b7a5-6afc6d611299.jpg)
September 04,2024
John Deaton Challenges Elizabeth Warren After Clinching Republican US Senate Primary
![](https://files.constantcontact.com/b44f1673801/e7fa3941-2075-493f-977a-2d444234d2df.jpg)
September 03,2024
WazirX Hacker Moves Stolen Funds To Tornado Cash
![](https://files.constantcontact.com/b44f1673801/30e804d5-317b-4791-85a9-2789be796c1c.jpg)
September 03,2024
Here Is Why September Is A Crucial Month For Crypto
![](https://files.constantcontact.com/b44f1673801/f0400e30-e320-4f0c-9d1c-c88bed6ff723.jpg)
September 02,2024
A New Era For Cardano Begins As Chang Hard Fork Goes Live
![](https://files.constantcontact.com/b44f1673801/86254ea6-6147-4373-a42d-1952e8fa8803.jpg)
September 02,2024
BTC Miners Experience Worst Revenue Month Since September 2023
![](https://files.constantcontact.com/b44f1673801/1f8410b4-84a0-45f9-96cf-9873e5c22712.jpg)
September 02,2024