Bill C-249 (Historical)

Encouraging the Growth of the Cryptoasset Sector Act

An Act respecting the encouragement of the growth of the cryptoasset sector

This bill is from the 44th Parliament, 1st session, which ended in January 2025.

Sponsor

Michelle Rempel Conservative

Introduced as a private member’s bill. (These don’t often become law.)

Status

Defeated, as of Nov. 23, 2022
(This bill did not become law.)

Summary

This is from the published bill.

This enactment requires the Minister of Finance to develop a national framework to encourage the growth of the cryptoasset sector and, in developing the framework, to consult with persons working in the sector who are designated by provinces and territories. The enactment also provides for reporting requirements in relation to the framework.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from Parliament. You can also read the full text of the bill.

Bill numbers are reused for different bills each new session. Perhaps you were looking for one of these other C-249s:

C-249 (2020) An Act to amend the Canada Transportation Act (refund – cancelled air service)

C-249 (2016) An Act to amend the Public Health Agency of Canada Act (National Alzheimer Office)

C-249 (2013) An Act to amend the Excise Tax Act (no GST on the sale of home heating fuels)

C-249 (2011) An Act to amend the Excise Tax Act (no GST on the sale of home heating fuels)

Votes

Nov. 23, 2022 Failed 2nd reading of Bill C-249, An Act respecting the encouragement of the growth of the cryptoasset sector

Encouraging the Growth of the Cryptoasset Sector ActRoutine Proceedings

February 9th, 2022 / 3:40 p.m.

Conservative

Michelle Rempel Conservative Calgary Nose Hill, AB

moved for leave to introduce Bill C-249, An Act respecting the encouragement of the growth of the cryptoasset sector.

Mr. Speaker, right now, Canada should be attracting billions of dollars of investment in the fast-growing cryptoasset industry. Right now, we are seeing government officials discuss and set policy related to cryptoassets. At the same time, many officials and lawmakers are not deeply familiar with what cryptoassets are, how they function or their big potential for economic growth.

To be a world leader, Canada needs to ensure cryptoasset experts and investors are telling us what policy they need or what policy they do not need. The bill would require the Minister of Finance to formally ensure their voices help lead policy development. It would also require the minister to develop a framework using their expertise that would ensure Canada attracts investments and talent related to cryptoassets while protecting those who work with them.

The bill would create a mechanism to formally engage the expertise of cryptoasset innovators and investors in policy development and create a framework for growth.

This effort is the first of its kind in Canada and I am pleased to introduce it today. I thank everybody who has been involved in it, including the drafters, and I look forward to working across party lines in this innovative area of policy to make this effort happen.

(Motions deemed adopted, bill read the first time and printed)