A comprehensive report, including 16 individual proposals, illustrates the value and prospective impact of blockchain technology across a range of industries. This report was shared by the Standing Committee on Industry and Technology (INDU), a part of the Canadian House of Commons.

This publication reveals the strong backing for blockchain technology and digital currencies among Canadian legislators, especially within the House of Commons.

The report, which incorporates 16 distinctive suggestions, underscores the opportunities and potential of blockchain technology in several sectors. These proposals emerged from the INDU’s extensive discussions and were then shared for consideration by the House of Commons and the Canadian government.

The Canadian government is urged to identify blockchain as an emergent industry, presenting significant prospects for long-term economic prosperity and job creation. The report also promotes the idea of safeguarding the individual right to self-custody of digital assets and recommends facilitating secure and dependable access to these assets.

In alignment with the country’s ongoing effort to introduce crypto regulations, the INDU recommends the government create a comprehensive blockchain strategy. The strategy would incorporate the input of industry experts, entrepreneurs, scholars, investors, and those in the Artificial Intelligence (AI) industry. The role of this strategy would be multifaceted: establishing a platform for information sharing and surveillance, identifying sectors with potential for disruption, guiding the government on potential initiatives, and assisting the government in implementing these strategies.

The report goes further, suggesting the government to actively seek international cooperation in formulating blockchain regulations and policies, to pioneer innovative pilot projects utilizing distributed ledgers, to create a distinct regulatory treatment for stablecoins, and to encourage the creation of federally regulated cryptocurrency custodians. The report also recommends that blockchain businesses should be given access to banking and insurance services.

To increase public understanding of cryptocurrencies, the report recommends launching a public awareness campaign to highlight the potential risks associated with cryptocurrencies and to emphasize the advantages of participating in regulated Canadian cryptocurrency markets.

The committee further encourages the government to consider ways to promote the application of blockchain technology in supply chains and to investigate the potential benefits of using blockchain for electronic voting, consultation, and modernization of democratic institutions.

Recently, the Canadian Department of Finance suggested amending the Excise Tax Act with regard to crypto asset mining and remuneration. In reaction, the INDU put forward a recommendation to study the fairness of applying the Excise Tax Act to mining activities across various provinces, affirming that digital asset mining constitutes a competitive industry.