Toronto, CANADA; August 8, 2018 – The Blockchain Research Institute (BRI) has released a report highlighting a number of key steps forward for blockchain and cryptoasset regulation in Canada. The report is based on a May 2018 roundtable on blockchain regulation, hosted by the BRI, in which nearly 70 leaders met in Toronto to discuss regulatory challenges and opportunities for improvement.
The roundtable was unique, bringing together regulators, policy experts, capital markets lawyers, financial sector executives, and blockchain entrepreneurs to formulate a path forward for blockchain regulation. Specifically, the discussion focused on cryptoassets, identity management and blockchain-based financial mechanisms called Initial Coin Offerings (ICOs).
“Blockchain technology enables profound changes to the way we do business, and it’s important that regulation promote innovation while protecting the public interest,” said Blockchain Research Institute co-Founder and Executive Chairman Don Tapscott. “We’re proud to have assembled so many global leaders in their respective industries to discuss ways to improve the regulatory environment for blockchain.”
Following the roundtable, Tapscott drafted a comprehensive report in which he summarized the discussion. In it, he outlines a number of key policy recommendations for government and stakeholders:
- Banks should change their policies and provide access to crucial basic banking services for blockchain entrepreneurs
- Governments should lead in enabling blockchain-based “self-sovereign identities,” affording Canadians more control over their digital identities and data.
- Not all tokens are created equal. Regulators should establish a taxonomy for cryptoassets distinguishing between the various types of blockchain-based tokens and regulate accordingly (a seven part taxonomy was provided for consideration).
- As regulation is not just the job of regulators, all stakeholders should take steps to implement a new regulatory paradigm based on multi-stakeholder networks.
- The Federal Government should create a national “Action Commission” – a 21st century Royal Commission to develop a national strategy for the blockchain, AI and the Digital Economy overall.
“Canada is uniquely positioned to become the global hub for innovation in this second era of the internet,” said Tapscott. “If we are to do that, we need to bring stakeholders from a variety of different sectors together to establish common goals and work together to achieve them. This roundtable, and this report, represents the beginning of that collaboration.”
The full report, which includes a list of the roundtable’s attendees, is available here.
About the BRI:
The Blockchain Research Institute (BRI) is a global think-tank that is conducting the definitive study of the impact of blockchain technology on business, government and society. Our multi-million dollar research program is funded by our members, comprised of leading corporations and government agencies. The BRI was founded in 2017 by Don and Alex Tapscott, the co-authors of the best-selling book Blockchain Revolution: How the Technology Behind Bitcoin and Other Cryptocurrencies is Changing the World.
The Institute’s global team of experts has 80+ research projects underway in the areas of financial services, manufacturing, retail & consumer goods, energy & power, education, travel & transportation, media & telecommunications, technology, healthcare and government & democracy; as well as how this nascent technology is changing the way companies are managed. Member organizations are provided exclusive access to all rsearch project deliverables, including reports, infographics and videos, as well as monthly webinars, all-member summits, and other events. The Institute’s research findings, conclusions and recommendations will be ultimately be released to the public under a Creative Commons license.
To learn more, please visit: https://www.blockchainresearchinstitute.org/
Director of Communications