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.

Joyashree Dey

CBW - External Analyst

INDIA