INDU Committee Report
If you have any questions or comments regarding the accessibility of this publication, please contact us at firstname.lastname@example.org.
As a result of their deliberations committees may make recommendations which they include in their reports for the consideration of the House of Commons or the Government. Recommendations related to this study are listed below.
That the Government of Canada recognize blockchain as an emerging industry in Canada, with significant long-term economic and job creation opportunities.
That the government of Canada should, in its efforts to improve consumer protection and regulatory clarity to the emerging and innovative field of digital assets, be guided by the principle that individuals’ right to self custody should be protected and that ease of access to safe and reliable on and off ramps should be defended and promoted.
That the Government of Canada, following consultation with the provinces and stakeholders, establish a national blockchain strategy that clarifies the government’s policy direction and regulatory approach, and demonstrates support for the industry.
That the Government of Canada, with a view to adopting a national blockchain and distributed ledger strategy:
- call on a group of experts, entrepreneurs, academics and investors, as well as people in the artificial intelligence industry cluster, to support its analysis and understanding and help it determine best steps;
- give the group a mandate to:
- set up a platform for information exchange and monitoring;
- carry out analyses to identify the most promising or high-risk areas for disruption;
- advise the government on promising initiatives; and
- support the government in implementing selected initiatives.
That the Government of Canada pursue opportunities for international cooperation in the development of blockchain regulations and policies, including with our major trading partners.
That the Government of Canada conduct innovative pilot projects using distributed ledgers to help strengthen the ecosystem and recognize up-and-coming businesses.
That the Government of Canada create a sandbox where entrepreneurs can test technologies unhindered by as yet unadopted regulations.
That the Government of Canada adopt a distinct regulatory approach to stablecoins that reflects the difference between these products and other cryptocurrencies, and account for the unique regulatory challenges they present.
That the Government of Canada adopt regulatory changes to promote the establishment of federally regulated cryptocurrency custodians to meet the demand for cold storage services from Canadian cryptocurrency firms.
That the Government of Canada adopt measures for access to banking and insurance services for blockchain firms, including through Crown corporations.
That the Government of Canada establish a public awareness campaign, in consultation with the provinces and the industry, to educate the public about risks related to cryptocurrencies and the benefits of accessing cryptocurrency markets through regulated Canadian entities.
That the Government of Canada draw on the previous report on SMEs and launch a strategic initiative to develop skills and talent and support research.
That the Government of Canada investigate ways to promote the adoption of blockchain technology in supply chains.
That the Government of Canada, in collaboration with the Commissioner of Canada Elections, undertake a study on the new opportunities this technology presents for electronic voting, consultation, and the modernization of our democratic institutions.
That the government of Canada should investigate equity between provinces in the application of the Excise Tax Act to mining activities to ensure fair taxation.
That the government of Canada, in order to foster a competitive digital asset mining environment and in order to continue to attract investments, should maintain that digital asset mining constitutes a commercial activity in Canada; and as such adopt a neutral and equitable position towards this new and growing industry.