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Canada’s PM Candidate Doubles Down On Crypto

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Canada’s Conservative member Pierre Poilievre on 28 March said that cryptocurrencies like bitcoin and ethereum would “decentralize” the economy and reduce the influence of central bankers. Poilievre who is running for the PM post attempted to woo the crypto community by saying that if he is elected he would legalize crypto and work towards making the country the ‘blockchain capital of the world’.

The news comes at a time when Canada’s present gov has taken a stiff stance toward the digital assets industry during the Freedom Convoy protests. As reported by TronWeekly, Prime Minister Justin Trudeau decided to invoke the 1988 Emergencies Act, freezing crypto transactions in a bid to cut off all funding routes of the trucker blockades.

The prime ministerial candidate spoke fervently at a shawarma shop in London, Ont. that accepts bitcoin as payment, Poilievre rued that after the outbreak of the COVID-19 crisis, the Bank of Canada created “$400 billion in cash out of thin air”. This according to him is the reason why inflation hit a 30-year high and housing prices broke all-time record levels.

sask poilievre campaign 20220304

Throwing his weight behind bitcoin, Poilievre said, “Canada needs less financial control for politicians and bankers and more financial freedom for the people. That includes freedom to own and use crypto, tokens, smart contracts, and decentralized finance.”

As the onus of Securities regulation falls in provincial jurisdiction, Poilievre said he’d work with the provinces and territories to eliminate a “cobweb of contradictory rules” that govern crypto and blockchain the system.

Canada’s PM candidate wants crypto to act like gold

The Conservative candidate also said he wants crypto to be treated like gold and other commodities for taxation purposes. Poilievre claims it would help foster “a new, decentralized, bottom-up economy” by creating a more permissive regulatory environment.

In a veiled attack on Trudeau’s administration, the fierce critic called for financial sovereignty in the current system. And reiterated the need for choice and healthy competition.

Poilievre said,

“Choice and competition can give Canadians better money and financial products. Not only that, but it can also let Canadians opt out of inflation with the ability to opt into cryptocurrencies. It’s time for Canadians to take back control of their money and their lives by making Canada the freest country on earth.”

Canada’s Govt. Emergencies Act Gives Power To Freeze Crypto Transactions Unilaterally

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In an effort to put an end to the ongoing trucker protests Canada‘s Prime Minister Justin Trudeau decided to invoke the 1988 Emergencies Act, for the first time in 50 years giving the power to freeze bank accounts and monitor “large and suspicious transactions” including funds used for crypto transactions without inviting any civil liability.

Under the above-mentioned act, crowdfunding platforms and payment services providers that cover crypto exchanges and other crypto financing platforms now must register with the Financial Transactions and Reports Analysis Centre of Canada [FINTRAC].

As per reports, the Tallycoin bitcoin fundraiser had raised more than 20 bitcoin [BTC] which comes close to $1 million for the truckers. The organizers have since shut down the fundraising page, and have asked to “stay tuned” about the next steps.

Interestingly Jesse Powell, CEO of crypto exchange Kraken, was one of 5,000 donors to the HonkHonkHodl crowdfunding page on the Tallycoin platform. The issue escalated after GoFundMe blocked $10 million in donations meant for the Canadian truckers protesting vaccine mandates.

During a press conference, Canada’s Deputy Prime Minister and Minister for Finance, Chrystia Freeland revealed that the government is working to increase the scope of Canada’s anti-money laundering, monitoring, and terrorist financing laws to include crowdfunding platforms and the payment service providers they use.

“These changes cover all forms of transactions, including digital assets such as cryptocurrencies,” she announced during a press conference on Monday night

More about Canada’s rare Emergency Act

The act that was passed in the Canadian parliament back in 1988, also authorizes the federal government to take temporary additional powers in the event of public welfare, public order, international and war emergencies.

Adopted as a direct response to cut off the funding of the ongoing trucker blockades, which the administration alleged have caused major disruption to cities including the capital Ottawa, the act is seeking to counter “illegal” protests over Canada’s COVID-19 restrictions.

At present, blockades across Canadian cities have been reported caused by huge trucks lined up in the nation’s highways as well as major trading corridors with the US. As per Gov. allegations, the blockades are upsetting the supply-chain network which in turn puts a great deal of stress on the economy.

Canadian Lawmaker initiates Bill to stimulate Crypto Sector Growth

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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.

XRP loses a spot in yet another crypto exchange

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The ‘Ripple’ effect that started out in the USA seems to have hit the shores of Canada leading to the delisting of XRP.

What started out as a lawsuit in the USA by the SEC against Ripple Labs Inc. is now taking a toll on one of the largest cryptocurrencies in the market. Bitbuy, a Canadian cryptocurrency exchange platform, has announced that it will be delisting XRP as of January 13, 2022.

Earlier, the Securities and Exchange Commission [SEC] of the USA had charged Ripple Labs Inc. and two executives of conducting a $1.3 Billion unregistered securities offering through XRP. This drift caused many crypto exchange platforms to start removing XRP. Coinbase, Crypto.com, OKCoin, and other platforms immediately delisted the said altcoin due to the conflict between the SEC and Ripple. Following the same trend, the Ontario Securities Commission [OSC] has reinvented laws regarding XRP, causing more plunge to the cryptocurrency.

XRP holders to withdraw funds from Bitbuy

Bitbuy has requested its users to withdraw their balance from their accounts to an external wallet, or trade their balance into other coins or Canadian dollars before 13 January 2022 at 9 am EST. They have also announced that a grace period of 30 days will be given from the said date to withdraw their funds, but trading will not be permitted at the time.

In order to abide by the Canadian law in Section 20 of the Ontario Securities Commission exemptive relief decision, Bitbuy is required to apply policies and procedures to determine whether the altcoin is a security and or a derivative.

The cryptocurrency trading platform, Bitbuy left its users with some hope by stating,

“These policies must consider the opinion of international regulators, including the regulator with the most significant connection to a crypto asset. We will continue to monitor the status of XRP and should things change we will act accordingly.”

This bethrowing of XRP could be one of the reasons behind the descent of the altcoin’s value. At the time of writing the price of the asset had plunged by 4.81% in the last 24 hours.

Binance faces severe clampdown by regulators of UK, Japan, Ontario this week

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The world’s largest cryptocurrency exchange Binance is facing a massive crackdown amidst market-wide beating. In the latest development, the UK Financial Conduct Authority [FCA] has released a statement wherein it revealed that Binance Markets Limited is not permitted to undertake any regulated activity in the country.

FCA further went on to comment that no other entity coming from Binance Group currently holds any particular class of authorization, license to carry out authority, or a registration in the country.

The official press release, stated,

“This firm is part of a wider Group [Binance Group]. Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA. No other entity in the Binance Group holds any form of UK authorization, registration or license to conduct regulated activity in the UK.”

FCA has reportedly identified myriad companies that are advertising and even selling investments when it comes to crypto-assets but do not have authorization from the regulatory watchdog. It warned the users against engaging or investing in a type of crypto-asset via those platforms, and said that they will not be able to access the Financial Ombudsman Service, or even the Financial Services Compensation Scheme if something goes wrong.

Trouble Brewing for Binance

This is not the first time that the cryptocurrency exchange has been under intense scrutiny from regulatory entities. In fact, the latest news comes on the tails of fresh statements issued by financial regulators in Japan and Canada that echoed a similar sentiment. Reiterating its 2018 stance, Japan’s Financial Services Agency [FSA] issued a warning this week in which it stated that the CZ-led exchange is not registered to do business in the country.

Soon after this, Binance announced terminate operations to Ontario-based users, claiming it to be a “restricted jurisdiction.” In an official statement, the exchange advised the users of the region to take immediate measures to close out all active positions by the 31st of December, 2021.

Canadian Basketball League to pay players salaries in Bitcoin [BTC]

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A prominent Canadian Basketball League revealed that players across seven teams would be paid in Bitcoin [BTC].

The drop in the price of Bitcoin did not prevent industries from all around the globe from expressing interest in it. As the price of BTC plummets to $35K several have been exhibiting fear. However, investors across several industries did not scare too easily. Just after a prominent NASCAR driver announced that he would be receiving his salary in Bitcoin as well as Litecoin, the Canadian Elite Basketball League suggested that it would do the same for almost all its players.

Crypto and sports have had a long history. An array of sportsmen and women have exerted interest in crypto.

Canadian Basketball League embraces crypto

According to a recent announcement, the Canadian Elite Basketball League [CEBL] declared that it would pay players from seven teams a part of their salary in Bitcoin from next week. CEBL had reportedly partnered with Bitbuy a cryptocurrency exchange in Toronto, to carry this out while the basketball league is all set to kick start from 24 June 2021.

Mike Morreale, the Commissioner and CEO of the CEBL commented on its latest move and said,

“Innovation and delivering a new basketball experience have been a driving force behind our creation of one of the world’s most widely recognized pro basketball leagues. [..] Our partnership with Bitbuy speaks to our commitment to players, and also to our forward-thinking approach to how we go about our business.” 

Teams including the Edmonton Stingers, Fraser Valley Bandits, Guelph Nighthawks, Hamilton Honey Badgers, Ottawa Blackjacks, Niagara River Lions, as well as Saskatchewan Rattlers will be part of the league and about 70 players would be paid in Bitcoin.

Additionally, Kimbal Mackenzie, a player of the Guelph Nighthawks was reportedly one of the first members to say agree to this offer. He noted that he was “incredibly excited” to be paid in Bitcoin. Elaborating on the same he added,

“I believe cryptocurrency is the future. The ability to have part of my salary go directly into an investment that I believe will appreciate greatly over the next 10-30 years is a no-brainer.”

Fidelity Subsidiary Plans To Launch Bitcoin ETF

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Bitcoin ETFs have become increasingly popular as Bitcoin continued to flirt with its ATH. Fidelity Investments becomes the latest entrant in the join the race and is now prepping up the roll-out of its own Bitcoin ETF. According to the official document, the investment giant’s affiliate, FD Funds Management, has filed with the US Securities and Exchange Commission [SEC] to seek approval for the “Wise Origin Bitcoin Trust,”

The preliminary filing revealed that “Wise Origin Bitcoin Trust” would hold the crypto-asset and value its shares on the basis of its prices from major cryptocurrency exchanges, such as Coinbase and Bitstamp.

Fidelity’s statement to Reuters read,

“The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions. An increasingly wide range of investors seeking access to bitcoin has underscored the need for a more diversified set of products offering exposure to digital asset”

Fidelity-backed trust does not plan to sell the crypto-asset, but will rather use it to settle certain expenses, which under current guidance of the IRS will be deemed as a sale of such virtual currency.

Bitcoin ETF Gains Traction

The US SEC has rejected all the Bitcoin ETF proposals in the past. It had acknowledged a proposal from VanEck last week. In addition, there are four applications in total that are pending review by the authority which included- NYDIG Asset Management, WisdomTree Investments, Valkyrie Digital Assets, and VanEck Associates Corp.

Unlike its US counterpart, Canada’s regulatory authority has been quite progressive. In Feb-March, three Bitcoin ETFs went live back-to-back on the Toronto Stock Exchange after receiving the stamp of Bitcoin ETF.

Just last week Brazil became the first country in the Latin American region to approve the exchange-traded fund. This was launched by asset manager QR Capital and is slated to go live by June this year.

Canada Aces The Bitcoin ETF Game As It Adds Another Feather To Its Cap

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Canada has repeatedly exhibited its interest and inclination towards crypto. The country has been more accepting of Bitcoin and altcoins, unlike several other countries. The Canadian regulators giving a green signal to an array of exchange-traded funds [ETF] is substantial proof of the country’s engagement in crypto.

In a recent announcement, Canada’s CI Global Asset Management suggested that it would be the third platform to launch a Bitcoin ETF in the country.

Canada Gets Its Third Bitcoin ETF

Canada’s third Bitcoin ETF is reportedly all set to launch its third Bitcoin ETF after receiving the approval of the country’s securities regulators. CI Global Asset Management has listed the ETF on the Toronto Stock Exchange under the ticker symbol, BTCX. This offering will reportedly be made available starting from today.

The Chief Executive Officer of CI GAM’s parent company, CI Financial, Kurt MacAlpine elaborated on the same and suggested that the BTC ETF allows users to have a “secure and convenient” way of HODLing the king coin. He added,

 “I believe our ETF stands out based on its highly competitive price point and CI and Galaxy’s extensive capabilities and track record in managing alternative investments and digital assets.”

Furthermore, the platform pointed out that the latest Bitcoin ETF would allow low-cost management fees, easier access to Bitcoin along with several others.

Partner and Head of  Asset Management at GDAM, Steve Kurz suggested that the crypto industry was prevailing. He further suggested,

“We believe the emerging digital asset class presents compelling growth and diversification opportunities. The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to bitcoin.”

With the price of Bitcoin soaring to new highs every day, the demand for the king coin has been on a surge. While the United States of America has been kicking Bitcoin ETFs to the curb, Canada already has three ETFs under its radar.

Canada’s First Bitcoin ETF Collects $421M In First 2 Days

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Times are changing and Bitcoin ETF’s long-term outlook is brightening, at least in North America. The first-ever Bitcoin ETF that was launched earlier this week has reportedly collected an astonishing $421 million in assets in the first two days of its launch.

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Canada's PM Candidate Doubles Down On Crypto 3

This was revealed by Bloomberg’s Analyst Eric Balchunas in his latest tweet about the world’s first Bitcoin ETF by the asset management company, Purpose Investments Inc. It made a debut on the Toronto Stock Exchange on the 18th of Feb.

Soaring Bitcoin ETF

Here’s what Balchunas had to say about the latest figures of the Bitcoin ETF,

“Proportionally speaking it is the equiv of a US ETF taking $8 billion in first two days. If it were to keep up this pace it will be the biggest ETF in Canada in 20 days.”

He also went on to add,

“The premium on this puppy was a mere 0.40% on Friday, or 250x less than $GBTC on Day Two. The beauty of arbitrage. This is about what we thought it would be, 20-60bps depending on day and poss over 100b on crazy days. In short, working as designed”

The figures show the popularity of Bitcoin ETFs in the country as its underlying crypto-asset continued to conquer new highs every week as it sits above the $1 trillion market cap.

The immense popularity can be attributed to the fact that these vehicles offer investors looking for a low risk way of reaping the profits Bitcoin’s bull run.

For the uninitiated, two Bitcoin exchange-traded funds were launched back to back on the Toronto Stock Exchange this week. Leading the charge was Purpose’s ETF, under the ticker “BTCC” launched this Thursday.

The fund witnessed a monumental interest, as it was found to be trading more than $100 million shares on its first day alone. If this continues, the ETF could potentially reach $1 billion in assets by the end of next week.

Just a day later, Evolve Funds Group Inc which happens to be yet another Canadian platform with $1.7 billion in assets under management [AUM], announced the launch of the Bitcoin ETF – EBIT. This Bitcoin ETF, on the other hand, was trading at $1.271 million AUM.

The latest news definitely raises stakes for the US policymakers especially the SEC which is yet put a stamp of approval to a Bitcoin exchange-traded fund.

Canadian Investment Firm Raises $180M For A Bitcoin Trust In An IPO

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Initial public offerings [IPO] have taken place under the crypto spotlight. Canadian investment platform, Ninepoint Partners is the latest to jump the bandwagon. The platform broke the record for raising the highest amount for a Bitcoin Trust in the country. Ninepoint Partners LP got its Bitcoin trust listed on the Toronto Stock Exchange.

A whopping $230 million Canadian dollars was raised in the initial public offering. The money raised in the IPO would be accessible in the form of units 7,318,276 Class A Units; 2,865,314 Class F Units; and 7,806,901 Class S Units. The Class A units will be out and about in Canadian dollars as well as USD on the Toronto Stick Exchange. The aforementioned units would be available under the symbols BITC.U and BITC.UN. With this fund, the platform hopes to provide holders of Units of the Fund with Bitcoin. Ninepoint would reportedly operate as a trustee as well as the manager of the Fund.

John Wilson, the Managing Partner and the Co-CEO of the Toronto-based firm revealed that the company was “delighted” with the accomplishment of the listing.

Several platforms including, Gemini and Coinbase have been revealing their intentions of going public. While Coinbase has already commenced working towards it, Gemini’s IPO is still under the wraps.

James Fox, Co-CEO and Managing Partner of Ninepoint, also commented on the firm’s latest move and said,

“We believe our institutional quality trust structure and lowest management fee of any listed bitcoin investment fund in Canada will be a winning combination for continued investor interest. With this initial offering, we are laying the foundation for the success and growth of our Digital Asset Group. We would like to thank all of our partners and in particular Canaccord Genuity Corp. and INFOR Financial Inc. for their part in executing our first bitcoin offering.”

Last year, 3iQ rolled out a trust fund and became the first to do so in the country. Recently, the 3iQ raised about $75 million and launched an Ethereum fund.