Canada to wait until 2020 for cryptocurrency regulations update


  • The June 2018, regulations draft proposed stricter rules and guidelines for the crypto industry.
  • Some parties see the delay as a way for the government to come up with favorable guidelines for the rapidly growing industry.

The government of Canada has delayed the update on crypto regulations from this fall until 2020. The delay is a result of the general elections expected in the country in 2019. Moreover, once the regulations are updated, it will take a period of 12 months for them to become effective.

There was a draft of the crypto/blockchain regulation in June of 2018. The draft proposed stricter rules and guidelines for the crypto industry. The current news has been received both positively and negatively. Some parties see the delay as a way for the government to come up with favorable guidelines for the rapidly growing industry while other believe that Canada is likely to lose its competitive edge.

Bitcoin Magazine reported that the Blockchain Association of Canada (BAC) said that the delay is good news for the digital asset economy. BAC’s Executive Director Kyle Kemper reckoned that “It may be best to observe and intervene as little as possible.”

Other experts believe that the draft release in June received enormous feedback and the government is likely to have decided to amend the draft before the bill is amended. The feedback came from several blockchain-based organizations in the country. The Finance Canada officials must have heard the voiced concerns from the participants in the discussions held in the wake of the draft.

One notable report was from the Toronto-based Blockchain Research Institute (BRI). The institution called for a “middle ground” when it comes to regulations, but also said that the guidelines are vital for the development of the industry. The institute included the input from 70 other participants who all agreed that excessive regulations is a way stifling innovation in the blockchain industry.

 

 


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: What next as BTC/USD tests $8,600?

Bitcoin price has continued to face increasing selling activity. The weekend session was not different as seller domination continued. BTC/USD extended the bearish leg further below $9,000 to the extent of testing support at $8,600. 

More Bitcoin News

LTC/USD stays bearish, ignores positive fundamentals

Litecoin's creator Charlie Lee shared his views on how the network would operate once MimbleWimble solution is rolled out. Speaking in the interview with Rice Crypto YouTube channel...

More Litecoin News

Ripple Price Analysis: XRP/USD regains ground above $0.2000, still vulnerable to losses

XRP/USD jumped above $0.2000 and tested the intraday high at $0.2017. At the time of writing, XRP/USD is changing hands at $0.2000; however, the short-term bias remains bearish.

More Ripple News

ETH/USD goes back above $200.00, upside gains traction

The second-largest digital asset recovered above critical $200.00 after a sharp sell-off to $191.49 on Thursday. The coin has regain 1.3% of its value since the beginning of the day and lost nearly 4% in the recent 24 hours.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls are nowhere to be seen

Bitcoin attempted a recovery towards $10,000 but ended up at $9,100. The first digital asset printed the second red candle on a weekly chart. It is an alarming signal for the long-term bull as BTC may be vulnerable to deeper losses.

Read the weekly forecast

BTC

ETH

XRP