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The Cryptocurrency Landscape in Canada

The Cryptocurrency Landscape in Canada

According to one measure, Canada ranks third globally (behind the United States and the United Kingdom) in terms of embracing blockchain technology. This means that for developers and traders, there are few better places to create, purchase or transact with digital assets than Canada.

While "cutting out the middleman" in this respect offers myriad powerful benefits (including the potential for faster and cheaper transactions), it also comes with a challenge: when you act as your own bank, you need to ensure that you're always operating as safely and securely as possible. After all, if your coins or tokens are lost because of a user error or a hack, you won't have Visa or American Express around to make you whole.

With that in mind, let's take a closer look the Canadian cryptocurrency landscape, and what it means for traders.

Canadian Crypto Regulations: What's the Latest?

The Canadian government has been working on a comprehensive set of regulations for the cryptocurrency space. However, in August, 2018, government officials announced that these regulations, which were scheduled to be published this fall, would be delayed until late 2019. This means that existing regulations will likely remain in place until 2020, given that it takes an additional 12 months for new regulations to come into effect.

Some observers have hailed this delay as a positive development, as the proposed regulations would have resulted in stricter compliance regulations for businesses within the sector. While the regulatory policies were designed in part to provide greater clarity for both businesses and investors, observers have also suggested that the wording used by regulators was overly broad and vague.

With additional time to consider the full scope of these regulations, government officials will have time to make the necessary adjustments to ensure that the new framework is conducive to continued growth and innovation in the Canadian cryptosphere.

Overall, Canada's regulatory environment remains favorable for cryptocurrency development. In recent years, the British Columbia Securities Commission approved the first Canadian cryptocurrency investment fund, while the Toronto Stock Exchange added the nation's first blockchain-related ETF.

Crypto Development in Canada

Canada has long been a leading center of blockchain and cryptocurrency development. Vitalik Buterin, co-founder of Ethereum and one of the crypto space's foremost thinkers and developers, is a Toronto native.

Toronto is also home to the Blockchain Research Institute (BRI), which hosts more than 70 research projects that are developing new approaches for blockchain and cryptocurrency technology.

The BRI has worked with the Canadian government to build a national-level blockchain ecosystem, and has also worked with the Bank of Canada to explore the possibility of a national cryptocurrency and other projects.

Thanks to its world-class university system, low energy costs and first-rate technological infrastructure, Canada remains one of the world's most popular locations for the development of bleeding-edge blockchain and crypto technology.

Interest and Enthusiasm

On the retail investment side, Canadians continue to express enthusiastic attitudes toward cryptocurrencies. A study conducted by the Bank of Canada showed that roughly 85-percent of Canadians are familiar with Bitcoin.

Meanwhile, the same study showed that Bitcoin ownership increased by nearly 75-percent from 2016 to 2018. Other key findings include:

Overall, Canadians continue to be among the globe's most engaged and active crypto traders, reporting some of the highest levels of awareness and ownership found anywhere.

The Takeaway

If you're interested in cryptocurrency and blockchain, there are few better places to be than Canada. The country has an advanced cryptocurrency infrastructure, it hosts some of the world's leading blockchain research projects and the current regulatory environment is favorable.

That's a winning combination for traders and for anyone who harbors a passion for the extraordinary technology that supports Bitcoin and other cryptocurrencies.

Learn more about how you can start trading cryptocurrency within Canada at Bitvo.com.

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