On Wednesday, Feb. 9, Conservative MP Michelle Rempel Garner introduced “Bill C-249” in Canada’s House of Commons. The bill is named “Encouraging the Growth of the Cryptoasset Sector Act.” If the bill gets passed, it will establish a structure that would require Canada’s Minister of Finance to meet with crypto specialists designated by provinces and territories.
Canada should be attracting billions of dollars in investment in the fast growing cryptoasset industry.
Today I introduced a bill, the first of its kind in Canada, to make sure this become a reality.
Learn more about my bill at https://t.co/htCy7rrZD6 pic.twitter.com/krmmTIOTt6
— Michelle Rempel Garner (@MichelleRempel) February 9, 2022
Garner stated on Twitter that “officials and politicians are making regulations despite their lack of familiarity with cryptocurrency, and that this act might solve that problem.” The framework would “focus on lowering entry barriers” in the cryptocurrency sector, as well as “protecting people working in the sector” while reducing administrative burdens. According to Garner, “Canada should be drawing billions of dollars in investment in the rapidly rising crypto asset industry.” The initiative is designed to boost growth in the sector.
Hut 8 Mining, a Canadian crypto mining business that claims it is working with MPs, has already expressed support for Bill C-249. Shark Tank host Kevin O’Leary also commented on the measure, saying he could “lead billions of dollars” into Canada if the government had a solid cryptocurrency policy.
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