certify
Home arrow Article arrow Article Detail

The Canadian Lawmaker Michelle Rempel Garner presented Bill C249 -to support Cryptoassets

Profile Image

Joyashree Dey Follow

INDIA

Feb, 15 2022

Feb, 15 2022

likes | comments 0

Article Image

On February 9, parliament member of Canada, Michelle Rempel Garner presented "Bill C-249", proposing the government set up a structure to support the development of the Cryptoasset Sector Act in the country.

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 the Canadian Finance minister "to develop a national framework to encourage the growth of the crypto-asset sector." Furthermore, it requires the minister "to consult with persons working in the sector."

The lawmaker clarified that government authorities are talking about and setting approaches on crypto assets. In any case, she brought up that many officials are not profoundly acquainted with what crypto assets are, how they work, or their huge potential for monetary development.

“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.”

As indicated by the text of the bill, "Within three years after the day on which this Act comes into force, the minister must prepare a report setting out the framework and must cause the report to be tabled in each House of Parliament on any of the first 15 days on which that House is sitting after the report is completed."

As indicated by the site set up to clarify the regulation, the bill doesn't lay out a specific arrangement for the guideline of cryptocurrency. "Instead, this bill creates a mechanism to formally engage the expertise of crypto assets talent in policy development so that their voices lead the way. It ensures that the experts have a say in what policy they need, or don’t need," the site portrays.

The bill has the support of Alberta-based crypto miner Hut8, who reported not long after the perusing that it supported cooperative efforts by Parliament to reinforce the Blockchain ecosystem in Canada. Shark Tank star Kevin O'Leary - a HODLer who holds Canadian citizenship - alluded to giving "billions of investment" dollars into the nation assuming there was a clear policy system on crypto.


likes | comments 0

Profile Image

Joyashree Dey

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
India's money laundering act now applies to variety of crypto operations

Prevention of Money-Laundering Act (PLMA) of 2002 now applies to a variety of cryptocurrency operations, including the exchange, transfers, custody, and administration of virtual assets..;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.