Not wanting to be left behind in the all-encompassing crypto takeover, Canadian Web3 Council was formed by 11 members including the likes of Ether Capital, Dapper Labs and others.
The council is a non-profit trade association whose immediate priority is to advocate to the Canadian government to develop transparent and effective policy solutions for the crypto sector.
Brian Mosoff, CEO of Ether Capital said, “As the industry has grown into a multi-trillion-dollar asset class, now is the time for the government to work alongside industry leaders to ensure thoughtful policy is formed. Although there are regulatory challenges when it comes to this nascent industry, the Canadian Web3 Council can work alongside regulators, to help them understand and navigate this complex space.”
The council is founded by industry leaders who intend to “work together to build a robust, equitable and sustainable Web3 economy.” The council wants to increase general awareness and knowledge of the trillion dollar global industry.
Canadians have been credited with the development of Ethereum, Cosmos and Flow, all companies that have changed and massively influenced the crypto and blockchain industry. They are also responsible for mainstream NFT platforms such as CryptoKitties and NBA Top Shot and the world’s first spot Bitcoin ETF.
The council worries that even though Canada has been at the forefront of Web3 innovation, they will not be able to reap the benefits due to lack of legal clarity. This might result in the loss of Web3 talent and tax revenue from Canada.
“The Canadian Web3 community has led the charge on some of the most innovative and high-valued projects globally. World-changing talent and creativity often starts in Canada, only to flourish elsewhere. We can’t afford to miss the opportunity to nurture these talents domestically, for the benefit of all Canadians ”said Jelena Djuric and Connor Spelliscy, co-founders of the Canadian Web3 Council.
The founding members of this council are Aquanow, ChainSafe Systems, Dapper Labs, ETHGlobal, Figment, Ledn, Wealthsimple, WonderFi, Cosmos developer Informal Systems, Ether Capital and Axiom Zen.
The council also says that it will reach out to the Web3 community in the upcoming months to ensure the diversity of the community. They also encourage “those in the sector to reach out and be part of shaping the Council’s mission.”
The Canadian government has however, been taking baby steps in this direction. The Bank of Canada and the Massachusetts Institute recently announced a 12 month research project on Central Bank Digital Currency (CBDC).