Bill to Grow Crypto Sector Launched in Canada

Canadian parliament member Michelle Rempel Garner introduced "Bill C-249" on Wednesday, which "may be cited as the Encouraging the Growth of the Cryptoasset Sector Act," according to the text of the bill.

Conservative MP Garner tweeted:

Canada should be attracting billions of dollars in investment in the fast growing crypto asset industry. Today I introduced a bill, the first of its kind in Canada, to make sure this becomes a reality.

The bill requires Canada's minister of finance "to develop a national framework to encourage the growth of the cryptoasset sector." In addition, it requires the minister "to consult with persons working in the sector."

The lawmaker explained that government officials are discussing and setting policies on crypto assets. However, she pointed out that many lawmakers are not deeply familiar with what crypto assets are, how they function, or their big potential for economic growth.

"To be a world leader, Canada needs to make sure crypto asset experts and investors are telling us what policies they need, or what policies they don't need," she emphasized. "This bill requires the minister of finance to formally ensure that their voices help lead policy development."