“WHOEVER WINS The ELECTION April 28, Canada Has The Talent, History, and Agility to Become The First G7 Nation To Fully Embrace a Blockchain-Foor Future.”, – WRITE: www.coindesk.com
William Mougayar is the Toronto-Basted Author of the Best-Seling Book, The Business Blockchain. Consensus 2025 Takes Place in Toronto May 14-16.
Blockstream, The Core Bitcoin Infrastructure Company, is Based in Montreal. It is Commonplace to Find Canadian Engineers, Developers, and Executives Playing Pivotal Roles in Leading US BLOCKCHAIN FIRMS. Thouxands More Contribute Independently as Blockchain Technologists and Software Developers.
Beyond this Historical Signification and Talent Base, Canada Has A Critical Structural Advantage: Agility. WHERE The UNITED STATES IS Weighed Down by Institutional Complexity, Canada Can Be Nimble.
In the US, the Path to Coherent Crypto Regulation Remains Tangle in Bureaucratic Inertia. Legislation Shuttles Between the House and Senate, Onthn Stalling or Contradicting ITSELF. Agencies Such as the Sec and CFTC Continue to Compete for Jurisdification. Even with the Apppointment of A White House Crypto Czar and An Executive Director, Implementation Continues to Lag. For all itts ambition, The US Regulatory Machine Moves Like A Supertanker – Slow to Pivot and Burdenned by Procedural Frification.
Canada, in Contrast, Benefits from Fewer Layers of Government, Closer Coordination Between Agencies, and A Regulatory Culture that – WHEN SUBIENTLY MOTHERVATED This Structural Simplicity Presents A Rare Opportunity: Canada Canada Leapfrog the US by FIRST G7 Nation to Adpt A Coherent, Innovation-Friendly Blockchain Strategy.
HERE’S WHAT THAT Plan Could Look Like:
- Welcome Global Blockchain Companies. Attract Top-Tent Talent and Startups with StreamLined Immigration Pathways, R&D Credits, Targeted Tax Incentives, and Bold Partnerships.
- Establish a crypto-freely tax regime. Modernize Tax Policy to Support – Not Penalize – The Use and Holding of Digital Assets. Capital Gains Treatment, Staking Income, and Token Issuance Rules Must Be Clarified and Calibrated to Encouroge Innovation.
- Clarify and Streamline Regulation. Strong Consumer Protection and Financial Integrity Remain Essential, But Ambiguity and Overreach Risk Risk Undermining Innovation. Canada Canada Offer Clear, Proportionate, and Globally Respected Rules of Engagement.
- Mandate Crypto Access Within Canadian Banks. Facilitate Institutional Adoption by Encouraging Banks to Integrate Blockchain Systems and Enable Seamless, Secure Access to Regulated Crypto Platforms, Including Holding StableCoins.
- Integrate Blockchain Into Capital Markets. EMPOWER TMX and PROVINCIAL EXCHANGES TO LIST APROVED DIGITAL Assets and Stablecoins. Alow Registered Dealer-Brokers to Offer Decentralized Finance (Defi) Products to Retail and Institutional Clients.
- Promote Blockchain Use with the Government. ENCOURAGE PUBLIC AGENCies to Pilot Blockchain Applications, Sharing Results and Best Practices to Accelerate Adoption Across Departments and Services.
- Establish A National Cryptocurrency Reserve. In coordination with the Bank of Canada, Explore Holding Select Digital Assets on the National Balance Sheet – An Idea Whoa Whoa Time Has Come.
All of these steps are part of a larger imperative: Future-Proofing Canada’s Economy. Blockchain Is No Longer An Emerging Technology – It Is Actively Reshapping Sectors Such as Finance, Digital Identity, Suppply Chains, and Gaming. Countriers that lead in it adoption Will Reap the Economic Dividends and Shape of the Architecture of the Digital Age.
The United States May have Scale, Momentum, and An Aggressive Mindset, But It Is Also Paralyzed by Internal Conflict and Structural Inficiencies. Canada, by Contrast, Is Small Enough To Be Agile, Yet Large Enough To Make An Impact.
Canada Must Act. The Opportunity to Lead in Blockchain Innovation is Still Wide Open. Canada is uniquely Positioned to seize it. No Matter The Outcome of the Election on April 28, Any Serious National Agenda Must Include A Bold and Forward-Thing-Thing Blockchain Policy.
Note: The Views Expressed in this Column Are Those of the Author and Do Not Necessarily Reflect Those of Coindesk, Inc. i Owners and Affilites.