Blockchain Has a Champion in Ontario

“Ontario is well-positioned to lead blockchain innovation in Canada and on the world stage,” Minister of Finance for the Province of Ontario, Victor Fedeli

Blockchain Has a Champion in Ontario

Last week, the Chamber of Digital Commerce Canada hosted an event to celebrate the launch of the organization. The Honorable Victor Fedeli, Minister of Finance for the Province of Ontario, joined us for the occasion and provided strong statements of support for blockchain technology and the opportunity in for the sector to expand business in Ontario. The Minister is the first Canadian politician to openly state that he would like to support blockchain business.

“It’s been one and a half years since I uttered the word ‘blockchain’ in the Ontario legislature, where it was heard for the first time. Sadly, we haven’t heard ‘blockchain’ mentioned in the legislature again – but this group will help change that!,” Minister Fedeli said. “We want to look at ways to help Ontarians and businesses benefit directly from the data economy, while being confident that their privacy is protected.”

One of the most important blockchain policy initiatives currently underway for Canadians is the joint Consultation Paper 21-402 Proposed Framework for Crypto-Asset Trading Platforms issued by the Canada Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) This document contemplates a comprehensive regime for regulating digital assets and exchanges and we are actively working with our members to prepare a response. Minister Fedeli acknowledged the Ontario Securities Commission (OSC’s) challenges in keeping pace with blockchain technology.

“In recent months, we have heard from a number of people in the blockchain industry about the concerns and challenges you face in navigating the Ontario Securities Commission, or OSC, and its Launchpad initiative. We have heard your concerns loud and clear, and we are working to ensure regulatory agencies balance their mandate to protect investors, while fostering innovation and fair, efficient capital markets,” he said.

We are encouraged that the OSC is revisiting its regulatory framework to take into account the unique attributes of blockchain technology and the potential benefits it may bring to the capital markets. This is an incredibly important moment for the future of Canada to ensure appropriate oversight, while encouraging innovation. If handled appropriately, we believe Canada will attract a new level of investment and economic activity. We are fortunate to have Minister Fedelli’s support during this important moment for blockchain in Canada.

Read the Minister’s full remarks here.

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