Fintech companies are uniting to work with authorities to better regulate the cryptocurrency industry without stifling innovation.
Posted on March 29
The Web3 Council of Canada is created to support the development of a national strategy for cryptocurrencies and digital assets to support a more “transparent” and “inclusive” digital economy, and encourage “responsible innovation”.
This organization wants to position Canada as a “world leader” in the field of Web3 technologies, a term that refers in particular to the blockchain and cryptocurrencies.
The organization believes there is an “urgent” need to ensure that Canada and its citizens are well positioned to benefit from this emerging asset class.
“It’s time for the government to work with industry leaders to ensure that thoughtful and sound policies are developed,” said Brian Mosoff, CEO, Ether Capital and founding member of the Web3 Council of Canada.
In search of a solid and equitable strategy
While some companies have had discussions with authorities in the past, Brian Mosoff expects the industry as a group to have their first interactions with authorities in the coming weeks.
The Web3 Council of Canada calls on all levels of government to establish a coordinated approach to bring industry and experts together to develop a “strong, fair and sustainable” national strategy for cryptocurrencies and digital assets.
“The question is what regulatory framework should be put in place. Additional products and services may be offered to investors through the various platforms available as the industry evolves, which is why we need to maintain an ongoing dialogue to ensure that Canadian companies remain globally competitive. world,” said Brian Mosoff in a telephone interview.
Brian Mosoff hopes that the creation of the Web3 Council of Canada will encourage new companies to join the ranks of the organization. “We need to speak with one voice to [sensibiliser] regulators and policy makers to what is happening in this complex, highly technical industry with a unique lexicon. »
This entrepreneur and investor maintains that the number of jobs in the industry today is calculated in the tens of thousands in the country. He believes this number has the potential to surpass the 100,000 mark quite quickly.
Canada must therefore create a favorable environment in order to keep these jobs here.
Brian Mosoff, founding member of the Web3 Council of Canada
The members represented by the association are issuers of financial products, trading platforms, investors, etc.
The initiative is notably piloted by the autonomous investment platform Wealthsimple, of which the Montreal conglomerate Power Corporation is a shareholder. In addition to Wealthsimple, there are companies in the Canadian space of fintechscryptos and web 3.0 (blockchains and other technologies) like Axiom Zen, Chainsafe Systems, Dapper Labs, Ether Capital, ETHGlobal, Figment, Ledn and WonderFi.
Behind the rest of the world
Canada has lagged behind other states that set public policy, according to members of the cluster.
They point out that in the United States, policymakers have worked “closely” with the Web3 industry to bring more legal clarity for the past four years and cite President Biden’s recent executive order as an example. This executive order defined a whole-of-government approach to assess the potential of blockchain and take advantage of it, they say.
They add that the European Union has recognized the importance of establishing a strategy to provide legal clarity to Web3 companies.
“Policymakers, together with the Web3 community, are currently drafting the European Union Regulation on Crypto-Asset Markets, which provides comprehensive guidance on blockchain regulation in Europe. »
The creation of the Web3 Canadian Council comes at a time when the Government of Quebec is examining the current legislative and regulatory framework.
In its budget tabled last week, Quebec pointed out in particular that to better protect Quebecers against fraud and cyber threats, in addition to allowing the government to fight more effectively against tax evasion and money laundering schemes involving cryptoassets , work is being done to ensure that the crypto-asset sector develops in a “safe and fair for all” environment.
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Fintechs Unite to Give a Voice to the Crypto Industry
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