On Wednesday, Canadian parliamentarian Michelle Rempel Garner introduced “Bill C-249,” which, according to the bill’s text, “may be referred as the Encouraging the Growth of the Cryptoasset Sector Act.”
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.”
The bill details:
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.
The bill does not establish any specific policy for the regulation of Bitcoin, according to the webpage created to explain the legislation. “Instead, this measure establishes a process for formally including cryptoasset talent in policy formulation, allowing their voices to lead the way.” It ensures that professionals have a role in what policies they require or do not require,” according to the website.