Evidence of meeting #50 for Industry, Science and Technology in the 44th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was innovation.
A video is available from Parliament.
4:35 p.m.
Conservative
Michelle Rempel Conservative Calgary Nose Hill, AB
Do you think this is problematic in trying to achieve a diverse economy in western Canada?
4:35 p.m.
Conservative
Michelle Rempel Conservative Calgary Nose Hill, AB
Would you recommend that the government use its convening powers to work across different jurisdictions within Canada to come up with a regulatory framework for the Web3 operating environment?
4:35 p.m.
Chief Executive Officer, Futurity Partners
To the extent regulation is required, yes, and there should be collaboration.
4:35 p.m.
Conservative
Michelle Rempel Conservative Calgary Nose Hill, AB
Should that effort have industry in the driver's seat in terms of outlining the balance between the need for regulation and the risk that it will actually stifle innovation and make us non-competitive?
4:35 p.m.
Chief Executive Officer, Futurity Partners
The rapid rate of change that industry is leading can really only be best understood by industry. Yes, engagement is really important.
4:35 p.m.
Conservative
Michelle Rempel Conservative Calgary Nose Hill, AB
Would you echo Mr. McWaters' comments with regard to the need to utilize the standards for existing types of asset classes in terms of crypto-assets as much as possible?
4:35 p.m.
Chief Executive Officer, Futurity Partners
To a certain extent. The caveat is that they're not exactly the same.
4:35 p.m.
Chief Executive Officer, Futurity Partners
The reality is that a lot of them are different, but also, simply because one type of approach worked years and years ago doesn't mean it still works. I feel this is a moment in time when reflection is required.
4:35 p.m.
Conservative
Michelle Rempel Conservative Calgary Nose Hill, AB
Would you recommend that the government work with provincial governments and industry to develop a framework that could harmonize the tax and accounting treatment of digital assets across the country?
4:35 p.m.
Conservative
Michelle Rempel Conservative Calgary Nose Hill, AB
Would you recommend that the government use its convening power to work with provincial governments to standardize procedures for verification of the identity of customers who conduct digital asset transactions?
4:35 p.m.
Chief Executive Officer, Futurity Partners
Yes. I'll add on that I believe harmonization will be required globally.
4:35 p.m.
Conservative
Michelle Rempel Conservative Calgary Nose Hill, AB
Do you believe that if the government does not act on that we will become uncompetitive in terms of being able to promulgate regulations with other jurisdictions in that regard?
4:35 p.m.
Conservative
Michelle Rempel Conservative Calgary Nose Hill, AB
Would you recommend that the federal government use its convening powers to work with provincial governments to harmonize the terminology and definitions used across Canada to describe different categories of digital assets?
4:35 p.m.
Chief Executive Officer, Futurity Partners
Without question, I do. In 2019 we did a light survey of seven pieces of legislation, and none of them described digital assets in the same way.
4:35 p.m.
Conservative
Michelle Rempel Conservative Calgary Nose Hill, AB
Would you recommend that the government work with the province and innovators in the area to develop a regulatory framework to mitigate the risks of fraud and market abuse, particularly through education for those who sit on governance bodies as it relates to the oversight of crypto-assets like we saw with FTX, but also within the political milieu and in the general public?
4:35 p.m.
Conservative
Michelle Rempel Conservative Calgary Nose Hill, AB
Do you think the government is providing adequate educational resources at this point?
4:35 p.m.
Conservative
Michelle Rempel Conservative Calgary Nose Hill, AB
Would you recommend that the government put together a framework using its convening powers with provincial governments to increase guidance on how digital assets, including fungible and non-fungible tokens, are to be issued?