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Bill introduction in Canada aimed at the growth in crypto sector

member of Parliament from Canada introduces a bill encouraging the growth in the field of cryptocurrencies
“To be a world leader, Canada needs to make sure crypto asset experts and investors are telling us what policy they need or what policy they don’t need,” said Michelle Rempel Garner.

Michelle Rempel Garner, a member of the House of Commons of Canada, has introduced a bill in which she proposes government to set up a framework in which she encourages the growth of the cryptocurrency fields in Canada.

The first reading of Bill named C-249 in the House of Commons on the day of 9th of Feb(Wednesday), Garner proposed having Canada’s Minister of Finance — currently Chrystia Freeland, a member of the country’s Liberal Party — consult with cryptocurrency industry experts to develop a framework aimed at increasing the innovation on the cryptocurrencies. The bill, titled the “Encouraging the Growth of the Cryptoasset Sector Act,” also requires the Minister to present a report on the framework and introduce some legislation within the amount of three years time passage.

“Cryptoassets have the significant economic and innovative potential for Canada,” said the bill. “The framework must, among other things, focus on lowering barriers to entry into the crypto asset sector while protecting those working in the sector and minimizing the administrative burden.”

Twitter video

Under the law of Canada, a bill can become a law if it can pass 3 readings in the house of Commons or senate, if it is passed to the other chamber for some sort of similar process, then it is given the Royal Assent i.e., signed it as a permanent law by the Governor-General. Which should be a member of Canada’s Conservative Party, at the moment only a minority is required in the house I case to pass the bill and support from others parties for the bill to succeed. She said on Twitter that she hoped to avoid “political polarization” in attempting to create some space.

“To be a world leader, Canada needs to make sure crypto-asset experts and investors are telling us what policy they need or what policy they don’t need,” said Garner. “This bill creates a mechanism to formally engage the expertise of crypto-asset innovators and investors in policy development and create a framework for growth.”

Support after the Bill

That bill has the support of Alberta-based crypto miner Hut8, who actually announced shortly just after the reading that it supported “collaborative efforts by Parliament to strengthen the Blockchain ecosystem in Canada.” Shark Tank star Kevin O’Leary — a HODLer who holds Canadian citizenship — hinted at providing “billions of investment” dollars into the country if there were a clear policy framework on crypto.

An MP for Calgary Nose Hill in Canada’s House of Commons, Named Rempel holds a degree in economics and has served in government for straight 11years. In December, she reached out to the Crypto and Twitter users to ask what the Canadian government could do to make some changes that will “improve the space.”
In the previous year, the Ontario Securities Commission checked down on the cryptocurrency exchanges operating in their province, including KuCoin, OKEx, and Binance. However, the deputy of the bank of CANADA governor Paul Beaudry has suggested. Crypto has not imposed any exact risk to the country or its financial system if it is given the same level of adoption. If the adoption level increase or decreases then the results may vary.

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