The Canadian Web3 Council was founded by Connor Spelliscy and Jelena Djuric, both of whom have been key in propelling the region’s crypto-economy forward. Members include Wealthsimple, NFT firm Dapper Labs, Ether Capital, and financial services firm Ledn.
Spelliscy and Djuric stated in an interview that as the crypto industry has developed into a multi-trillion-dollar asset class, now is the moment for the government to collaborate alongside industry leaders to ensure intelligent legislation establishment. Although there are regulatory issues in this fledgling market, they continued, the Canadian Web3 Council can engage alongside regulators to help them understand and manage this complicated field.
The non-profit’s initial move will be to advocate for a national cryptocurrency framework. According to Spelliscy, the Web3 Council will act as a key source of information and skills. He explained:
The council wants to engage closely with Canadian policymakers to ensure they understand the technology and how it may help Canada. There are sceptics in the sector, but I’m confident that with more Web3 education, we can help them appreciate the technology’s potential.
Indeed, Web3 has had difficulty finding supporters among Canada’s big five banks, all of which see the burgeoning business as too hazardous to deliver even the most basic services.
Canadian Conservative leadership candidate Pierre Poilievre has stated that if elected Prime Minister, he will make it simpler for Canadians to deal with cryptocurrencies and enable cryptocurrency enterprises to operate in Canada. He intends to make Canada “the Blockchain capital of the world” by legalising cryptocurrency and working collaboratively with authorities from other provinces to guarantee regulatory harmony across jurisdictions.
