The Blockchain Association of Canada welcomes the opportunity to present today and share our perspectives. The Blockchain Association of Canada's mission is to promote the acceptance and use of digital assets and blockchain-based technologies. We are supported by a diverse community that represents the industry both in Canada and globally. Through education, advocacy, and coordination with policy-makers, regulatory agencies, and industry across various jurisdictions, our goal is to develop a pro-growth legal environment that fosters innovation, job creation, and investment.
We represent a community of the world's leading innovators, operators, and investors in the digital asset and blockchain technology ecosystem, including leading-edge start-ups, software companies, global IT consultancies, financial institutions, insurance companies, law firms, and investment firms. The BAC understands that while many new financial technologies, or fintechs, are emerging, blockchain and other distributed ledger technologies, DLTs, impact governments and regulators throughout the globe. DLT applications offer a wide variety of practical and readily applicable opportunities for many industries.
The BAC supports legal and regulatory clarity around DLT and related smart contract technologies. Defined contours are needed to combat regulatory overreach, which is a potential issue for DLT in many jurisdiction at this time. Onerous regulatory requirements present obstacles to industry growth as DLT solutions develop and seek to enter the marketplace. A significant impediment to the fintech industry is the risk of burdensome regulations being imposed too early, which would hinder future innovation, discourage further investment in innovation, and/or restrict the utilization and incorporation of DLT into the financial services industry and other industries.
DLT raises many novel legal issue for lawmakers and regulators. For example, decentralized technologies may operate based on automated protocols and lack a centralized governor. These issues must be carefully studied before imposing rules that may not be well suited for their intended purpose. Lawmakers and regulators must not act too quickly by imposing regulations that risk hindering the efficiencies and promise that such technologies may deliver.
The BAC generally encourages regulators and governments to adopt a do-no-harm approach to regulation to allow DLT to develop and companies to innovate within a principles-based rather than a prescriptive environment.
The BAC encourages the government and regulators to facilitate the development and implementation of fintech, and specifically DLT, by supporting regulatory harmony. Consistency in regulatory treatment will be an important factor towards industry growth.
The Blockchain Association of Canada supports regulatory regimes, only to the extent that such obligations clarify the regulatory environment and do not pose additional or overlapping burdens and potential regulatory conflicts. The potential for multiple oversight authorities to certify and impose requirements on this emerging technology may hinder the development of the industry and the evolution of the technologies both in Canada and abroad.
I look forward to answering any questions you may have. Thank you.