A Canadian House of Commons committee report has recommended that the country “recognise blockchain as an emerging industry” and take all the steps that entails, reports Cointelegraph. There are a lot of steps needed, it said.
The report was released by the Canadian House of Commons Standing Committee on Industry and Technology after a study that involved five meetings and numerous witnesses and briefs. The report outlined uses of blockchain that included cryptocurrency, supply chain and public sector uses, and non-crypto financial innovations.
“Canada punches above its weight” in blockchain innovation and entrepreneurial capacity, one witness for the committee said. In 2021, 2.5% of large enterprises in Canada used blockchain, while less than 1% of small- and medium-sized enterprises did so. Witnesses estimated 16,000 Canadians were employed in the blockchain industry in 2020, and on witness estimated that cryptocurrency firms employed 13,000 Canadians in 2022.
Citing witnesses, the report stated that “cryptocurrency trading platforms are sufficiently regulated to protect consumers from risks seen from foreign platforms.” It credited the collapse of the Canadian QuadrigaCX trading platform in 2019 for spurring regulators into action. The report continues:
“This increased interest by Canadian regulators is broadly [in] line with developments in other jurisdictions.”