Canadian Companies Form Industry Body to Advocate for Web3 Like BACC

The Canadian industry body aims to collaborate with lawmakers to achieve regulatory clarity for Web3.

A group of companies have formed the Canadian Web3 Council, an industry body that will collaborate with lawmakers to establish Canada as a leader in Web3 technology.

The announcement was made on Tuesday that 11 members  have formed the group: Aquanow, Axiom Zen, Chainsafe Systems, Dapper Labs, Ether Capital, ETHGlobal, Figment, Informal Systems, Ledn, Wealthsimple and WonderFi Technologies.

The statement reads “Canada could miss the boat on Web3” due to regulatory uncertainty. It will stifle innovation. For policymakers, the novelty of Web3 poses a unique challenge. “We need to work together to build a robust, equitable and sustainable Web3 economy. If we fail, Canadians could miss out on participating in the most important innovation in decades, and Canada could fall behind.”

So, the collective group wishes to solve these issues by creating a conducive environment for the industry. They also pointed out that Canadians have founded many renowned Web3 projects such as Ethereum, Cosmos, Flow, CryptoKitties, and NBA Top Shot. Therefore, the country has highly skilled talent whose potential needs to be harnessed.

Examples of regulatory clarity European Union’s pan-European strategy and Switzerland is becoming a hub for blockchain innovation due to their favourable policies towards non-profit foundation structures. The US also has regulatory unclarity but recent developments such as the Executive Order on the Responsible Development of Digital Assets suggest growing support for the industry.

This group will advocate for Web3 favourable laws in the Parliament. In the coming months, they will be reaching out to the Web3 community to ensure the Canadian Web3 Council reflects the diversity of this fast-growing ecosystem.

Web3 is a community-driven movement. Globally, Web3 advocacy groups are being created. Back at home in India, we have the Blockchain and Crypto Asset Committee (BACC), an arm of the industry body Internet and Mobile Association of India (IAMAI).

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