Canada’s Crypto Future at Stake

As Canada prepares for a federal election, Coinbase urges the incoming government to prioritize crypto regulation to maintain the country’s competitive edge. Coinbase’s Canadian country director, Lucas Matheson, warns that Canada risks falling behind in the global digital economy, despite being a leader in the industry.

Matheson highlights that approximately five million Canadians own cryptocurrency, with 86% believing the financial system requires an update. Furthermore, many perceive the current system as unfair (80%) and outdated (76%).

As reported earlier, Mark Carney, the former Bank of England Governor, may succeed Justin Trudeau as the Liberal Party leader and Prime Minister, raising concerns within the local crypto community due to his skepticism towards Bitcoin and preference for central bank digital currencies.

In response to new regulatory challenges introduced by the Canadian Securities Administrators, which led some exchanges to exit the country, Coinbase is advocating for clear regulatory reforms. Their proposals include:
– Establishing a government crypto task force within 100 days
– Creating a Bitcoin reserve
– Implementing federal stablecoin regulations
– Offering clearer definitions for digital assets
– Reducing barriers for crypto mining
– Allowing banks to hold and use cryptocurrencies

This call for innovation-friendly regulations is seen as essential for Canada to remain a competitive player in the global crypto landscape.

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