Canadian Web3 Council

Today, we launched the Canadian Web3 Council with the goal of advocating for the building of a robust, equitable, and sustainable national strategy for growing Web3 in Canada 🇨🇦 We represent organisations that have made a critical impact on the development of Web3 technologies across the globe, and who are committed to responsibly building and innovating in Canada. Our membership is diverse, ranging from financial products and exchange platforms to investors, and open-source blockchain projects. They include Aquanow Axiom Zen ChainSafe Systems Dapper Labs Ether Capital ETHGlobal Figment Informal Systems Ledn Wealthsimple WonderFi The association is actively recruiting members to help define Canada’s national Web3 strategy. For more information about the Canadian Web3 Council, see our launch announcement at web3canada.ca/gm/

We're thrilled to welcome VirgoCX to the Canadian Web3 Council! 🇨🇦 🎉 VirgoCX is an established and trusted Canadian cryptocurrency trading platform dedicated to making crypto trading safe, easy, and affordable for all Canadians. Since its founding in 2018, VirgoCX has been committed to security, fairness, professionalism and transparency. They are approved by CSA and OSC to offer cryptocurrencies to Canadian investors and are focused on innovating and building best-in-class safety and security protocols, aligning with our mission to support the responsible growth and development of Web3 technologies in Canada. With VirgoCX on board, we're excited to continue championing an inclusive digital economy for all Canadians through Web3. Welcome! 👏 #VirgoCX #web3 #crypto

We recently participated in Finance Canada’s consultation on qualified investment rules, advocating for the inclusion of crypto-backed assets in registered savings plans. Our key points: 1. Empowering Investors: Canadians should be free to invest in crypto-backed assets. 2. Accessibility: Diverse investment options, including crypto-backed assets, should be available to all. 3. Policy Clarity: Clear and consistent policies are crucial for smooth compliance. Our recommendations include recognizing crypto ETFs, investment funds that invest in crypto-assets, and exchange-traded options on crypto-assets as qualified investments, alongside tokenized real-world assets and fiat-backed stablecoins. You can read our full submission here: https://lnkd.in/e-BemdMg

Ether ETFs have officially begun trading in the U.S.! 🇺🇸 With funds from major players like BlackRock, Grayscale, and more, this marks a significant step towards integrating digital assets into mainstream finance. Unlike Bitcoin which is often likened to digital gold, Ether is central to the functionality of the Ethereum blockchain and its myriad of applications. “Ethereum’s appeal lies in its decentralized nature and its potential to drive digital transformation in finance and other industries,” says Jay Jacobs, U.S. head of active and thematic ETFs at BlackRock. Notably, Canadian investors have been able to gain exposure to spot bitcoin and ether ETFs within their portfolios since 2021. #CryptoETF #ETHETF #Ethereum #Bitcoin #Web3 https://lnkd.in/epRDpAvS

We’re thrilled to share the news of our strategic partnership with Onramp, enhancing their Bitcoin custody solutions globally. This collaboration introduces the first-ever 2-of-3 multi-sig key quorum, where each key is held by an independent entity in a distinct jurisdiction: BitGo in the United States, Coincover in the United Kingdom, and Tetra Trust in Canada. This innovative approach mitigates regional risks and enhances the security of Bitcoin assets. By being selected alongside industry leaders like BitGo and Coincover, Tetra adds a new level of regulatory robustness to Onramp's custody framework, aligning with Canada’s stringent regulatory standards and ensuring that clients’ assets are managed in line with the highest security and compliance standards. https://lnkd.in/gcEKDhU8 #cryptocustody #Bitcoin #TetraTrust

Key insights from The Atlantic Council Cryptocurrency Regulation Tracker! The Atlantic Council Geoeconomics Center recently updated their cryptocurrency regulation tracker, shedding light on how different countries are approaching regulation. Here are some of the main insights from the report: Cryptocurrency Legality: In a study of 60 countries, 33 have legalized cryptocurrencies, 17 have imposed partial bans, and 10 have enacted general bans. Evolving Regulatory Frameworks: A notable 70% of the countries studied are currently working on significant updates to their regulatory frameworks for cryptocurrencies. Regulatory Gaps: Many countries still lack comprehensive regulations. Only 19 out of 60 countries have established rules covering taxation, anti-money laundering, counter-terrorist financing, consumer protection, and licensing. Stablecoin Regulation: The regulation of stablecoins is a growing focus. With the EU's implementation of the Markets in Crypto-Assets (MiCA) framework, half of the G7 countries now have stablecoin regulations in place (unfortunately, Canada is not one of them). CBDC Initiatives: Over 90% of the countries analyzed are actively exploring or developing central bank digital currencies (CBDCs), showing a trend towards integrating these new financial instruments alongside updated crypto regulations. Cryptocurrencies are rapidly becoming an integral part of the global financial system, and effective regulation is essential to balance innovation with consumer protection. The findings from this report highlight the diverse and revolving regulatory approaches worldwide. Dive deeper: https://lnkd.in/dpm43stv #digitalassets #crypto #bitcoin

When asked what effect ETH ETFs could have on crypto on global perception, here's what Ndax Founder and CEO, Bilal Hammoud had to say: "The introduction of ETH ETFs marks another major milestone in the crypto industry, building on the success of the Bitcoin ETF. This development is expected to enhance trust, awareness, and integration of cryptocurrencies within the global financial system. Bitcoin has largely overcome regulatory uncertainties, solidifying its roles as a store of value, digital cash, and commodity. However, the status of other cryptocurrencies, including Ethereum, has been a subject of ongoing debate, particularly regarding their classification under securities law. By approving ETH for trading and holding through established financial institutions, we can expect greater certainty and trust in the status of these digital assets. This could lead to broader acceptance and integration of ETH and other cryptocurrencies across various financial and economic systems, furthering their mainstream adoption and utility."

The Bank of Canada recently made comments regarding the potential need for a Central Bank Digital Currency (CBDC) in their recent staff paper 'The Role of Public Money in the Digital Age'. According to the paper, a CBDC may be necessary to maintain monetary sovereignty and financial stability as digital payments rise and cash use declines. The discussion paper argues that a digital loonie could help counter the challenges posed by diminishing cash availability and the rise of cryptocurrencies: "Cash is likely to decline in relevance going forward and should it ever decline to the point that it is no longer viable as a payment option, then a properly designed CBDC would help fill the gap and maintain the relevance of a retail public money in the economy. A CBDC would fulfill the role of cash as the economy and money become increasingly digital. This would maintain the current role of retail central bank money in the economy. Such a CBDC would be offered alongside other complementary regulatory and policy responses to evolving conditions in payment markets." CW3 applauds the Bank of Canada for its progress in considering a CBDC, but as a first principle, we believe the Bank of Canada must establish clear criteria and continue to consult with industry about design principles before proceeding with a CBDC. Most importantly, any consultation or discussion on the development of a CBDC should not delay or distract, but should complement the government's policy progress into other areas of Web3, namely stablecoins. #crypto #digitalassets #bitcoin #ethereum

Exciting news! Coinbase's "Stand With Crypto" initiative launches in Canada today! 🇨🇦 We're thrilled to share that one of our members, Coinbase, is launching its Stand With Crypto Canada campaign today, aiming to advocate for comprehensive crypto regulation and the modernization of Canada's financial system. The Stand With Crypto Canada campaign will: -Educate policymakers and the public about blockchain and digital assets -Host educational workshops and seminars -Facilitate dialogue between industry leaders and government officials -Support the creation of research and policy papers With Canadians eager for change, this initiative promises to advance Web3 technologies and help build an inclusive digital economy for everyone in Canada. Stand With Crypto Canada website: https://lnkd.in/eZQniiAg 🔗 Read the full article: https://lnkd.in/eRYYgwX7 #crypto #digitalassets #bitcoin #ethereum

Futurist Conference Ticket Giveaway is closing TOMORROW! 🚨🎉 Canadian Web3 Council is excited to be a partner of the largest Web3 event in Canada – the 6th Annual Blockchain Futurist Conference! As partners, we're helping to give away 5 PAIRS OF FREE TICKETS! 🗓 Event Dates: August 13-14, 2024 📍 Location: Rebel & Cabana, Toronto How to Enter: 1. Click the link: https://lnkd.in/expfRbwY 2. Fill out the form 3. Winners will be announced very soon! We hope to see you there – your future will thank you! ✨ #FuturistConference #BlockchainFuturistConference #web3canada