Canadian Lawmaker initiates Bill to stimulate Crypto Sector Growth

Michelle Rempel Garner, a member of the Canadian House of Commons, has recommended that the government create a framework to promote the country’s cryptocurrency sector to thrive.

Garner proposed that the Canadian Minister of Finance — currently Chrystia Freeland, a member of the country’s Liberal Party — consult with industry experts to develop a regulatory framework aimed at encouraging digital assets innovation during the first reading of Bill C-249 in the House of Commons on Wednesday. The “Encouraging the Growth of the Crypto asset Sector Act” would also mandate that the Finance Minister provide a report on the framework and propose laws within three years of its passage.

The bill stated,

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

A bill can become legislation in Canada by going through a first, second, and third reading in either the House of Commons or the Senate, then being transmitted to the other chamber for a similar process, and finally receiving Royal Assent – the Governor-General signing it into law. Garner is a member of the Canadian Conservative Party, which is presently in the minority in the House of Commons, and the crypto bill would need backing from other parties to pass. On Twitter, she stated that she wished to prevent “political divisiveness” in her efforts to expand the space.

Parliament to strengthen Canadian blockchain ecosystem

Hut8, an Alberta-based crypto miner, declared shortly after the bill’s first reading that it welcomed Parliament’s joint efforts to develop Canada’s Blockchain ecosystem.

Kevin O’Leary, a HODLer with Canadian citizenship, suggested that if there was a clear policy structure for crypto, he would invest “billions of dollars” in the country.

Rempel holds an economics degree and has served in Parliament for 11 years as an MP for Calgary Nose Hill in Canada’s House of Commons. She contacted Crypto Twitter users in December to inquire about what the Canadian government might do to better the ecosystem.

The Ontario Securities Commission, which includes KuCoin, OKEx, and Bybit, has been coming down hard on crypto exchanges functioning in the province over the previous year. However, according to Bank of Canada deputy governor Paul Beaudry, given its current level of use, cryptocurrency does not pose a serious risk to the country’s financial system.