Canadian MPs Propose Act to Encourage Growth in Crypto Industry

time:2022-02-11 04:30 source:Internet

Michelle Rempel Garner, a member of the Canadian House of Commons, has introduced a bill recommending that the government create a framework to encourage the growth of the cryptocurrency industry in the country. In the first reading of Bill C-249 in the House of Commons on Wednesday, Garner proposed having Canadian Finance Minister Christia Freeland, in consultation with industry experts, develop a regulatory framework aimed at fostering innovation around cryptocurrencies. The bill, called the Encouraging Crypto Asset Industry Development Act, will also require the Treasury secretary to report on the framework and introduce legislation within three years of its passage. The bill states, “Cryptoassets hold significant economic and innovation potential for Canada. Among other things, the framework must focus on lowering barriers to entry into the cryptoasset sector, while protecting those working in the sector and minimizing administrative burdens.” Under Canadian law, a bill can become law by first, second and third readings in either the House of Commons or the Senate, travel to the other House for a similar process, and then receive Royal Assent – that is, it is signed into law by the Governor General.

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