Canadian Web3 Regulations - Catching Up and Staying Ahead Globally // Blockchain Futurist 2024

Canada has created clear regulatory pathways for crypto firms to register and operate legally, providing more certainty than many other jurisdictions

The Canadian Securities Administrators (CSA) and CIRO have taken a proactive approach to crypto regulation without waiting for broad legislation, particularly after the QuadrigaCX crisis

Current regulatory framework successfully balances innovation with investor protection, though fragmentation between federal and provincial levels remains a challenge

Stablecoins represent a major regulatory grey area that needs to be addressed, with many stablecoins being delisted in Canada due to unclear rules

Canada’s smaller economy means it must be strategic in its regulatory approach while remaining competitive with larger markets like the US and EU

Custody requirements and localization rules need improvement to avoid unnecessary barriers while maintaining security

The regulatory approach has helped establish Canada as a leader in crypto ETFs and investment products

There’s a need for better collaboration between federal and provincial regulators to reduce fragmentation

Regulators are generally accessible and willing to work with crypto companies, providing clearer guidance than many other jurisdictions

More political support and prioritization of Web3 innovation is needed at the federal level to keep talent and companies in Canada