Coinbase celebrates Canadian lawmakers’ proactive stance in support of blockchain adoption, as they publish groundbreaking recommendations. 

The exchange announced on June 28 that the Canadian government had unveiled its findings on the crypto and blockchain sector.

The Parliamentary Standing Committee on Industry and Technology (INDU) of the Canadian House of Commons has issued a comprehensive report titled “Blockchain Technology: Cryptocurrencies and Beyond“.

The company expressed satisfaction with the committee’s acknowledgment of the advantages, usefulness, and worth of blockchain technology. The 16 recommendations mentioned in the report are evidence of this contentment.

Furthermore, Coinbase emphasized the promising advancements in Canada as an integral aspect of its global expansion plans. The company envisions a promising future in Canada, in contrast to the obstacles hindering progress in the United States.

The report emphasized that the government of Canada upholds the value of an individual’s right to self-custody and advocates for the protection of this right. Besides, the authority upholds the promotion and defense of convenient and secure pathways for accessing and exiting blockchain assets. 

Canada demonstrates a strong interest in developing a comprehensive national strategy for blockchain technology. Additionally, the Canadian government plans to initiate innovative pilot projects utilizing blockchain technology to enhance the ecosystem and acknowledge emerging businesses.

Coinbase concluded that the government’s overall approach toward recognizing blockchain and cryptocurrency as emerging industries is favorable. It observed that Canada has the potential to lead the way in the cryptoeconomy.

The recent challenges faced by the industry, such as the collapse of FTX, have prompted the committee to release a report emphasizing the necessity of a national blockchain strategy. The report recognizes the potential of blockchain technology in various sectors, extending beyond cryptocurrencies.

Canada’s progressive approach is supported by Coinbase that acknowledges the importance of nurturing innovation in the blockchain space. The company believes that implementing these recommendations will create opportunities for the adoption and growth of blockchain technology in Canada.

Coinbase’s endorsement of Canada’s decision aligns with its dedication to compliance and collaboration with regulatory authorities. It also emphasizes the global nature of blockchain technology. Moreover, it highlights the importance of constructive engagement between industry players and regulatory bodies.