Canadian cryptocurrency industry leaders have launched a non-profit organization named Canadian Web3 Council, aimed to push for regulation in the country. According to Global News, the organization was founded by Connor Spelliscy and Jelena Djuric.
The founders have been looking to push for regulation across the crypto and blockchain sphere in Canada amid growing interest in the sector. Additionally, there are representatives from Dapper Labs, Ledn, Ether Capital and Wealthsimple involved in the Council.
“As the industry has grown into a multi-trillion-dollar asset class, now is the time for the government to work alongside industry leaders to ensure thoughtful policy is formed,” Spelliscy and Djuric said in a joint statement. They added: “Although there are regulatory challenges when it comes to this nascent industry, the Canadian Web3 Council can work alongside regulators to help them understand and navigate this complex space.”
According to the statement, a national strategy for cryptocurrency and digital assets is the Council’s first priority.
From launching non-fungible token platforms like CryptoKitties and NBA Top Shot to founding Ethereum, Canadian entrepreneurs have played a significant role in blockchain and digital assets. With Web3 technology, the World Wide Web will be under the control of people and powered by blockchain technology. Recent calls from Canada’s Conservatives have called for the creation of a national framework for the crypto industry.
Further, Pierre Poilievre, the federal Conservative leadership candidate, has said that if he were to become prime minister, he would work to make it easier for Canadians to use cryptocurrencies and for crypto companies to operate.
Crypto Ads Regulation
Recently, the Canadian Securities Administrators (CSA) released a set of guidelines targeting all advertising and marketing campaigns pursued by crypto trading platforms. This is because the regulator had observed a series of advertising banners and statements that could mislead investors.
