Canadian Web3 Council formed by Industry Leaders

Canada is quietly behind many technological breakthroughs, innovation beginning there but then going on to flourish in other jurisdictions. It is sometimes an overlooked fact that Ethereum for instance was developed in Canada before the Swiss non-profit Ethereum Foundation became the organization of note. Dapper Labs is another Canadian crypto industry leader, behind CryptoKitties, NBA Top Shot, and the FLOW Blockchain.

So it's not a complete surprise that a new non-profit organization comprised of blockchain industry leaders has been established to develop a national strategy on Web3 technologies in Canada. With regulation from uninformed politicians looming on all sides, it is high time for an industry group that can advocate on the technology and ecosystems behalf to step forward.

The Canadian Web3 Council is focused on establishing a national strategy where all levels of government are coordinated with the cryptocurrency industry to develop “a coordinated approach to convene industry and experts to build a robust, equitable, and sustainable national strategy for cryptocurrency and digital assets.” (Canadian Web3 Council )

Founded by Connor Spelliscy and Jelena Djuric, the initial membership of 11 companies are (alphabetically): Aquanow, Axiom Zen, Chainsafe Systems, Dapper Labs, Ether Capital, ETHGlobal, Figment, Informal Systems, Ledn, Wealthsimple and WonderFi Technologies.

Covering a wide area of crypto segments from blockchains and development to finance and NFTs, the CW3 Council has all the expertise required to advise policymakers. In helping guide them through the difficult process of creating frameworks for new technologies that not everyone fully understands yet, many foreseeable foibles can be avoided. Like in crypto, self custody and self-responsibility are considered the way to good governance, we cannot leave all of our trust to an industry group either. No one is infallible, and we should all be vigilant in observing and calling out what are policy errors when we see them. 

A quote from Jelena Djuric and Connor Spelliscy:

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. This is a technology at the cross section of the next iteration of the web and the future of finance. Canada has the opportunity to take a leading position on the global stage and become a desired destination for new business relating to the sector.

With a little more awareness and a unified goal, Canada's cryptocurrency ecosystem could develop into an example for more reluctant nations to see that crypto and blockchain technologies don't need to be regulated into unimaginative obscurity but can enrich the lives of their citizens without the need to shackle them with central bank digital currencies (CBDCs).

The official website for Canadian Web3 Council: www.web3canada.ca

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