Canada’s Blockchain Sector Wants Legal Clarity, New Report Shows

Canada’s Blockchain Sector Wants Legal Clarity, New Report Shows

Earlier this year, a report was published, discussing Canada’s expanding technology industry. In a study done by Deloitte in 2018, over 51% of those surveyed in Canada confirmed their investments in blockchain. It can be considered as a legible participant in the global race of blockchain adoption and its name may get included alongside Malta and China soon.

In Blockchain Summit held in Toronto this year, the focus of Canadian business leaders was around mapping the potential of blockchain in serving citizens, customers, and society. The Canadian province called Quebec is considered as the main mining center for its unique features and surplus resources including cheap electricity and ultra-high internet speed.

The Chamber of Digital Commerce Canada (CDCC) has recently released a detailed report on blockchain ecosystem in the country, the health of the industry, and its benefits in the long run for the country’s development. As per the report, blockchain emerged as the highest paying sector in Canada at the current moment. The average annual compensation of a blockchain specialist was found to be $98,000 or more annually.

All this development and talks around the future of blockchain in Canada, many companies are questioning their government about the status of legal and regulatory rights in the crypto space. The report has also highlighted challenges faced by the industry players around regulatory guidelines, which are hampering the growth of blockchain in the country. The existing ambiguity in the laws is delaying business decisions and this has further led to losses in closing business deals.

There are no definite regulations or set guidelines as of now, both in the U.S. and Canada. However, another key challenge faced by Canadian regulatory bodies is to follow the lead of SEC, which further delays the whole process. The detailed report also talks about various aspects of the current blockchain ecosystem in the country and few gaps including gender disparities, wages, and overall implementation guidelines.

Tanya Woods, CDCC’s Managing Director, explains that this gap needs to be taken care of by the policy-makers, with more focus on key aspects like laying down the scope of blockchain in the country, its contribution towards job creation and building country’s economy globally.

The report has come at the right time when the companies around the world are competing for cut-throat to establish their edge through blockchain.