Canada has been able to formulate a technology friendly ecosystem, as a matter of fact, it is the first government to approve the exclusive bitcoin mutual funds, thus increasing its technology pace further.
The Atmosphere in Canada seems to be freer towards technology along with conclusive innovations based on numerous developments that the industry has experienced even prior to this time. This is in comparison to the most prominent neighbour, the United States, whose Security Exchange Commission (SEC) imposing strict rules to find time in order to make the regulation frameworks for Blockchain and cryptocurrency.
Sean Clark, CEO of First Block Capital Inc. – Operator of FBC Bitcoin Trust, the first Bitcoin Mutual funds to trade in Canada.- Discussed the underlying facts about the country’s friendliness to the new technologies like blockchain and cryptocurrency. According to Clark, Unrelenting education, political will, and open-mindedness are the key reasons for Canada to have the identity it has for the technology right now. which makes the North American Nations like Canada to be an ideal place for technological disruption.
Canadian Regulators are more open to Dialogue
Clark noted his company along with other experts worked directly with the Canadian Security regulators and educated them or the period of six months while also utilising this opportunity to build relationships. Comparison to this with the United State’s SEC, he points out that the Canadian regulators are more open to dialogue when it comes to adoption of technology and innovations.
The elected leadership of Canada is also identified by clark for the nations Technological Growth and health ecosystem due to the ability of openness of the government to the emerging technologies such as cryptocurrency. He noted that the Canadian Prime Minister Justin Trudeau is embracing blockchain technology. As a result, the United State’s isolation of technology is an opportunity for the Canadian government to migrate skilled labour into the country, thus strengthening the Canadian economy.
Another important factor that Clark noted is that the Toronto Stock Exchange (TSX) is one of very few capital markets globally where you can see blockchain and cryptocurrency companies publicly listed.
Investor’s safety is the highest priority
While the government is adapting to Blockchain and Cryptocurrency, they are also ensuring that both institutions and investors are protected against the potential risks involved. While funds such as First Block Capital Inc. has been given access into the market, more attention is being paid towards them, especially in terms of auditing. So the regulatory body of the government keeps a very close eyes to these funds thus enabling the minimum risks involved and facilitating more cooperative relationships with the companies and the regulators.
Looking into the Future
looking into the future, Clark pointed that the Digital Asset market will grow into trillions in the coming 5-10 years. However he identified the current market conditions, so he expects bitcoin and altcoin’s prices to trade sideways for two-four months, but a significant rise in the coming one and a half to two years due to the powered entrance of the institutions into the space and the likely approval of ETFs.
Clark concluded by sharing his company’s vision towards creating financial products and enabling legitimacy and transparency to the cryptocurrency asset class through traditional equities. By this he expects to improve the confidence of the investors, who will no longer need to go through the unregulated exchanges to participate in the cryptocurrency marketplace. According to him, this will reduce a lot of risks and give institutional access into the crypto space just the way they have it for equity.
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