Canada is in no hurry to regulate the industry of the blockchain

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Canada is in no hurry to regulate the industry of the blockchain

The government of Canada has postponed adoption of the law on the blockchain-industry. Officials announced that the development of the document will be continued only at the end of next year, Bitcoin Magazine reported, citing local media.

For the first time about necessity of regulation of relations in cryptosphere, including blockchain industry in Canada began in 2014. It was also stated that the regulators develop a set of measures to control cryptocurrency transactions. However, this issue was repeatedly postponed, and now generally decided not to engage them until the end of next year.

This is due to the upcoming elections in Canada. Therefore, prior to 2020, will apply such a legal framework, which officials have implemented over the past few years.

In Association blockchain of Canada support the cautious policy of the authorities in the sphere of regulation of relations in the digital segment of the economy. The Association’s Executive Director Kyle Kemper said:

The decision to delay the adoption of the law on the blockchain-industry will have a positive impact on the development of cryptosphere in Canada. The government reaffirms its commitment to innovation, and sometimes it is better to simply observe than to intervene.

However, there are opponents of postponement of adoption of the cryptocurrency and the blockchain. For example, CEO of crypto currency exchange Coinsquare Cole diamond stressed that delaying the decision may lead to a backlog of canadian high-tech market from global trends in the IT industry.

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