Canadian Crypto Industry Leaders Launch Pro-Regulation Nonprofit

Some of Canada’s blockchain and cryptocurrency industry leaders on Tuesday launched a nonprofit aimed at advancing the regulation of digital assets in that country.

It’s called the Web3 Council of Canada and was founded by Connor Spelliscy and Jelena Djuric, both of whom have been working to advance the blockchain and cryptocurrency industry in Canada for several years. The Council also includes representatives from companies such as Wealthsimple, digital collection company Dapper Labs, financial services company Ledn and Ether Capital.

“As the industry has become a multi-trillion dollar asset class, now is the time for the government to work alongside industry leaders to ensure thoughtful policy development,” said Spelliscy and Djuric in a press release.

“While there are regulatory challenges when it comes to this nascent industry, the Web3 Council of Canada can work alongside regulators to help them understand and navigate this complex space.

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Web3 describes the next phase of the Internet that puts the World Wide Web under people’s control and is powered by blockchain technology.

The council’s first priority is to advocate for a national strategy for cryptocurrency and digital assets, according to the press release.

Canadian entrepreneurs have played a major role in the blockchain and digital asset space, from founding Ethereum to launching popular non-fungible token (NFT) platforms like CryptoKitties and NBA Top Shot.

Despite this, the council said Canada has lagged behind other jurisdictions like the United States and Europe when it comes to digital asset policies.

The announcement follows recent calls from the Conservative Party for the federal government to create a national framework for the crypto industry.

Additionally, Federal Conservative leadership candidate Pierre Poilievre said he would work to make it easier for Canadians to use cryptocurrencies and operate crypto businesses if he becomes prime minister.

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