Several Companies Join Forces To Create Canadian Web3 Council

A group of financial technology firms in Canada has formed a non-profit trade association, called the Web3 Council, that will work with policymakers to advance Canada’s position at the forefront of the digital economy.

The trade association will bring together exchange platforms, blockchain projects, as well as technology investors, and will work to advance blockchain-related policies that will balance “innovation, consumer protection, and stability”.

An open letter from the Web3 Council came out on Tuesday, March 29, announcing its launch. The letter begins by stating that Canada could risk missing the Web3 boat, and that the Council’s mission is to prevent this from becoming true.

The opening of the letter stated,

Our goal is to create an environment to support the growth of this industry in Canada. Our immediate priority is to share our learnings with the Canadian public and advocate the government to devise transparent and effective policy solutions.

Following the examples of the EU and Switzerland, who already have thorough cryptocurrency strategies in place, the association’s statement calls for the creation of a Canadian cryptocurrency regulatory framework. In the upcoming months, the Council will enter into discussions with the Canadian Web3 community and start to “shape its mission”.

Currently, the association consists of 11 members including Axiom Zen, Aquanow, Dapper Labs, Chainsafe Systems, ETHGlobal, Ether Capital, Informal Systems, Figment, Wealthsimple, Ledn, and WonderFi Technologies.

Several of the executives of the companies involved in the association highlighted in recent interviews the importance of educating politicians about the benefits of Web3, as well as the importance of establishing a cryptocurrency framework in Canada to position the nation at the forefront of the Web3 industry.