Coinbase applauds Canadian Committee’s recommendations

In a recent publication by the Canadian House of Commons Parliamentary Standing Committee on Industry and Technology (INDU), an extensive report has emerged, thoroughly exploring the applications and potential of blockchain technology in Canada. 

With a comprehensive set of 16 recommendations, the report accentuates the immense value and benefits that blockchain technology can bring. Coinbase, a prominent cryptocurrency exchange, has enthusiastically endorsed these recommendations, recognizing them as a crucial stride toward nurturing economic growth and driving innovation within Canada.

Coinbase has strategically prioritized Canada as a significant market within its International Expansion strategy, dedicating efforts to fortify its presence. Through productive dialogues with policymakers, regulators, and customers, Coinbase aims to broaden its product range and offerings in the country. Coinbase has also signed an enhanced Pre-Registration Undertaking, showcasing its commitment to complying with local regulations.

The committee’s report acknowledges the emerging nature of blockchain technology and its immense potential for long-term economic growth and job creation. By embracing blockchain, Canada can position itself as a global leader in this field, attracting investments and driving innovation that will benefit its citizens. 

Coinbase is determined to contribute to this growth by building a strong team in Canada and tailoring its services to meet the specific needs of Canadian customers. In the review of Coinbase, crypto enthusiasts can learn about the game-changing recommendations driving Canadian crypto forward. It helps the country’s economy grow and innovate.

The report emphasizes the importance of regularity, clarity, and consumer protection in the digital assets sector. Coinbase shares this concern and believes that safeguarding individuals’ right to self-custody and ensuring easy and secure access to reliable on and off-ramps are essential for the success of the market. The company is dedicated to delivering reliable cryptocurrency products and services that foster global economic freedom and create opportunities for individuals.

In order to establish a well-defined policy framework and regulatory approach, the committee suggests the implementation of a national strategy for blockchain, developed in consultation with provinces and stakeholders. This strategy aims to stimulate innovation, bolster industry growth, and ensure consistent regulations throughout the country. 

Coinbase fully endorses this endeavor and actively invests in Canadian crypto startups through its venture capital arm, Coinbase Ventures. By providing this support, Coinbase nurtures the ecosystem and positions Canada as an appealing destination for blockchain-related enterprises.

Additionally, the report from the committee underscores the importance of implementing a forward-thinking regulatory framework for stablecoins, which are cryptocurrencies tied to stable assets. It is noted that after recognizing the unique nature of stablecoins, the report suggests implementing tailored regulations that balance effective oversight with the promotion of innovation. 

Coinbase acknowledges the significance of stablecoins and welcomes this approach, as it will contribute to a vibrant and sustainable crypto ecosystem. You can discover from the review of Coinbase the game-changing recommendations driving Canada’s crypto industry forward, fostering economic growth and innovation in the country.

With more than 16 recommendations, the committee’s report serves as a comprehensive guide for creating a forward-looking regulatory framework for the crypto and blockchain industry in Canada.

Coinbase is pleased with the committee’s understanding of the potential of blockchain, its focus on consumer protection, the establishment of a national strategy, and the adoption of distinct regulations for stablecoins. The company believes that by following these recommendations, Canada can become a global leader in the crypto economy.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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