Canada, located in the North American continent, has taken a big step towards crypto, after Canadian Member of Parliament, Michael Remple Garner, introduced a bill proposing to The government has developed a framework to encourage the growth of the digital currency sector in the country.
on first reading of Bill (C-249) in the House of Commons; Garner suggested that Canada's Finance Minister - currently Chrystia Freeland, a member of the country's Liberal Party - consult with industry experts to develop a regulatory framework aimed at fostering innovation around cryptocurrencies.
The bill, titled “Act to Promote the Growth of the Digital Asset Sector,” would require the finance minister to report on the framework and introduce legislation within three years of being passed .
Crypto assets have significant economic and innovation potential for Canada...The framework should focus, among other things, on lowering barriers to entry,' the bill said. To the encrypted asset sector while protecting workers in the sector and reducing the administrative burden.”
Under Canadian law, a bill could become law by subjecting to first, second, and third reading either in the House of Commons or the Canadian Senate, and passed to the other chamber for action A similar process, then the Royal Assent granted, i.e. it was signed into law by the Governor-General.
Garner will need support from other parties for the crypto bill to succeed, as she tweeted that she hoped to polarize political opinion in an effort to broaden its adoption and enforcement Law.
