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Some of Canada’s biggest crypto advocates have founded a non-profit organization to help with crypto regulation in the country. The formation of a crypto-positive non-profit comes on the back of the government’s seizure of some crypto assets donated to the protests.
Web3 Council to Work with the Government
Canada’s newest crypto non-profit is dubbed the Canadian Web3 Council. The term Web3 describes the next phase of the evolution of the internet. This coming stage is integrated with blockchain technology and will presumably revolutionize how users interact with the world wide web.
The council was established by Connor Spelliscy and Jelena Djuric. These two individuals have played central roles in the growth of Canada’s crypto and blockchain sector. In a news report, the founders explained what gave rise to the creation of the non-profit.
Spelliscy and Djuric pointed out that since its inception, the crypto space continues to expand into an asset class worth billions of dollars. According to the organization’s founders, the crypto industry’s size and influence now call for policies that are wise just as they are effective. As they work towards achieving this the council has drawn several key figures in Canada’s finance and the digital sphere.
Its membership roll features delegates of firms such as DapperLabs, the tech company behind crypto kitties. Other members include local financial service providers WealthSimple, Ledn, and Ether Capital.
The new move is in line with the global shift towards the regulation of digital assets. Earlier in the month, UK authorities cracked down on crypto ATM operators not registered with the government. With similar measures, Australia and Japan are moving to quickly regulate the fast-growing industry.
Like Japan, there are suggestions that Russia’s evasion of sanctions with crypto is incentivizing several governments to tighten up crypto laws.
Regulation is a Necessity
Canadians have featured prominently in the rise of blockchain technology and related assets. A prime example is Ethereum founder Vitalik Buterin who is Canadian-Russian. Popular NFT projects CryptoKitties and NBA Topshot also originated from the North American nation.
However, despite Canada’s significant presence in the crypto market, it has come up against some regulatory obstacles. For example, its leading banks have not shown any considerable interest in cryptocurrencies or crypto-related services. Some believe the crypto sphere poses too great a risk to Canadian users.
According to the council, Canada has failed to keep up with regions like Europe and the states. The country needs a robust regulatory structure to welcome Web 3.0. development. Hence, the council’s first mission is to encourage the federal government to establish a regulatory structure for the crypto industry.
Spelliscy says the council will also work to educate the government and Canadians generally on the workings and potential of blockchain technology. The researcher also commented on the government’s skepticism about the industry. However, he and other council members are positive accurate information could remedy this.
Additionally, the Conservative party has likewise been vocal about the need for regulation. Pierre Poilievre, the party’s candidate for the position of Prime Minister shared his plans for digital assets. He assured Canadian crypto users that he would work to ease the transaction process if he became Prime Minister. His goal is to make the nation “the Blockchain capital of the world”.
Government is ruining the Canadian dollar,” Poilievre said. “So Canadians should have the freedom to use other money, such as Bitcoin.”