Canadian Blockchain Companies Request More Regulatory Understanding From Government

The blockchain companies in Canada are eager to understand more about how the national government stands on the crypto space, a new report made by the Canadian Digital Chamber of Commerce has shown.

According to the new report, which was devised to comprehensively analyze the national blockchain market, several new companies appear very bullish about their own futures, however, they want to know if the government shares this sentiment with them.

Almost 40% of the survey’s responders affirmed that the main issue for their growth were “legal and regulatory challenges”. So far, Canada has been reticent in creating crypto laws that are any different from other major countries, so progress is pretty slow in the country.

Michael Gord, the CEO of MLG Blockchain, a consulting firm in the country, affirmed that the regulation of digital assets in the country is very ambiguous and that the local lawyers often are unable to give simple yes or no answers to entrepreneurs. This has been a major issue and local companies are championing more attention from the government to this matter.

Tanya Woods, the managing director of the Canadian Digital Chamber of Commerce, there are still a few missing pieces of data for the government to decide on in the industry. Lawmakers want to know if the blockchain can create jobs and if there is enough talent in the country to create a strong industry and people often don’t have the answers for that yet.

Fortunately, the research was able to find some of these answers. 96% of the companies that have over 500 employees have considered the technology and 25% of them are spending on blockchain solutions. There is certainly room for growth, the market is only waiting for the right regulation.

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Author: James W

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