The head of Canada’s first fully-registered cryptocurrency investment firm has said that the country is further advanced in cryptocurrency policy than its neighbor the US.
CEO of First Block Capital, Sean Clark, has called for Canada to become a leading hub for crypto development and innovation due to his country’s more favorable conditions for new technologies.
Clark cites conditions in the Canadian crypto environment such as promoting educational awareness of new technologies and the government’s political will to push technology forward as indicators that the authorities fully comprehend the potential of blockchain and cryptocurrency to replace outmoded technologies:
“I think in general, the Canadian regulatory bodies understand the potential benefits of blockchain and cryptocurrency, and traditionally Canadian regulators have been open to technological innovation. That is different from what you get in places like the US.”
He maintains that the position in the US is quite different where the SEC seeks to have more control as a regulator which consequently restricts new innovations from taking hold. He sees this as a great advantage for Canada over time, providing the country with a huge pool of skilled technical know-how which can be drawn to the US. Clark believes government interest has been key in Canada’s blockchain and crypto development:
“This is what we’re seeing trickling down to the regulatory environment… as they are not stone-walling but rather embracing and wanting to understand the implications of blockchain technology and working with local companies to be able to understand and have the asset class flourish.”
The CEO sees his company as an example of how crypto forums can and should work closely with government regulators to push innovation into the frontline of technology. Part of the success of cryptocurrency-related companies having more freedom is the enthusiasm for crypto shown by Canadian prime minister Justin Trudeau.
First Block Capital became a mutual investment fund late last year. It works in a similar way to an ETF, enabling investors to purchase and store the equivalent of Bitcoin and redeem as and when needed.
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