The House of Commons Standing Committee on Science and Technology has issued its report, Blockchain Technology: Cryptocurrencies and Beyond.

The 62-page report examines the ways that blockchain technology is already changing the digital landscape and providing significant economic benefits, while also expressing optimism that greater opportunities using the technology lie ahead. Over the course of five meetings, the Committee heard the testimony of 31 witnesses and received six briefs.

The report laid out a total of 16 recommendations, chief among them was the adoption of a national blockchain and distributed ledger strategy. The recommendations also urged for the adoption of a distinct regulatory approach to stablecoins and regulatory changes to promote the establishment of federally regulated cryptocurrency custodians to meet the demand for cold storage services from Canadian cryptocurrency firms.

The report of the House of Commons Standing Committee on Science and Technology, Blockchain Technology: Cryptocurrencies and Beyond is available for download from website of the House of Commons of Canada.

For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.

This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.