As Canada approaches its federal elections, its stance in the global crypto industry is facing uncertainty. Coinbase has raised concerns over the lack of clear regulatory frameworks.
Canada's Historical Role in Cryptocurrencies
Coinbase's Canadian country director Lucas Matheson has warned that while Canada has historically been a leader in digital assets, it risks falling behind without swift regulatory action. An estimated five million Canadians already own cryptocurrency, with widespread dissatisfaction over the current financial system. Recent findings indicate that 86% of Canadians believe the system needs modernization.
Potential Changes in Country Leadership
Reports suggest that former Bank of England Governor Mark Carney is poised to replace Justin Trudeau as leader of the Liberal Party and the next Prime Minister. Carney's skepticism toward Bitcoin and his support for central bank digital currencies contrast with the crypto-friendly approaches gaining traction in other countries.
Coinbase's Proposed Measures
Coinbase urges Canada's next government to implement 'clear, innovation-friendly regulatory reform' to safeguard its position in the global crypto landscape. Proposals include creating a government-led crypto task force within 100 days, establishing a Bitcoin reserve, and federal stablecoin regulations.
The uncertainty surrounding leadership and regulation in Canada continues to threaten its standing in the crypto industry. Experts believe urgent action is required to maintain the country's role in the global crypto space.
