Open Letter – Federal Election Digital Assets – Blockchain

 

September 16, 2021

Justin, Erin, Jagmeet, Yves-François and Annamie,

TECHNATION along with our members – Chainalysis, Hut8Mining and Interac – and the Canadian Association of Alternative Strategies & Assets (CASSA), seek your support and leadership to advance clear and supportive policy and innovation programs for Canada’s blockchain innovation and digital asset ecosystem.

The global digital ecosystem is increasingly dependent on advanced technologies and technology skills that demonstrate capacity to inter-relate and interoperate. As people, goods and services move around the world in a future post COVID-19 environment, trusted and transparent exchanges are more important than ever. Multi-national corporations, governments, SMEs, and citizens are turning toward products and services that offer visibility, verification, and credibility – all of which are increasingly possible through blockchain based technologies and its supporting infrastructure. The digital asset ecosystem is at the forefront of any 21st century economic recovery.

Blockchain technology offers a layer of trust, verification, and security unlike the available technologies that preceded it. The digital assets that move across blockchains are also more secure, transparent, and verifiable than even the rapid movement of cash itself.  Digital assets can include central bank currencies, intellectual property and art, deeds to land titles, identity cards and government issued ID, and anything that possesses information that can be represented in a digital form and has value to someone.

These advancements are important. Other countries like the United States and United Kingdom understand the need and opportunity to create an enabling digital environment for their citizens, businesses, and governments. Unfortunately, Canada is currently lagging in awareness, application, and foresight in all aspects of policy, funding, and implementation. However, Canada still has an opportunity to be a leader in the digital asset revolution through early adoption of amenable policies.

It is essential that Canada equip its industries with programs and policy support, enabling Canadian business to remain relevant and active in the global digital economy. We also need our skilled workers to know how to build the next generation of digital systems to remain competitive. With early and bold innovators in the space, it is time to advance the narrative and ensure that throughout this election cycle, blockchain and digital assets are recognized and prioritized in Canada’s digital policy agenda and digital narratives.

The Technology Sector wants to hear your plans to help advance Canada’s blockchain and digital asset ecosystem. TECHNATION along with the undersigned are seeking your views on how you will:

  1. Formally convene ecosystem stakeholders and coordinate Canada’s blockchain and digital asset ecosystem strategy going forward .
  2. Encourage private sector blockchain and digital asset innovation through funding programs and public acknowledgement.
  3. Commit resources across departments to study and better understand the unique attributes of blockchain technology and digital assets.
  4. Undertake to deliver clear, consistent, and reliable policy across departments for future forward blockchain and digital asset innovation.
  5. Prioritize agile policymaking and keep future blockchain and digital asset innovation in mind.
  6. Adopt a light touch regulatory approach while the industry establishes key innovation.
  7. Invest and participate in the development of national and international standards for blockchain technologies and digital assets.
  8. Show global leadership and champion Canada’s blockchain and digital asset ecosystem.

Over the coming months TECHNATION and our members will continue to work with industry partners to educate elected officials and public servants on developing a robust innovation strategy for Canada’s digital asset ecosystem that follows the guiding principles shared in this document.

This election presents a unique opportunity to address the current policy and ecosystem gaps that blockchain technology innovators need to confidently advance their work in Canada.

 

Signed,

Canadian Association of Alternative Strategies & Assets (CASSA)

Chainalysis

Hut8Mining

Interac

TECHNATION Canada

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