A Canadian blockchain firm demands the view on cryptocurrencies and blockchain space from the government. The Digital Start Chamber reported that the blockchain and crypto space is booming as more companies are embracing the technology. One of the main challenges to technology development, however, is the uncertainty with which the government has approached it.
A report disclosed the North American country’s flourishing blockchain ecosystem, driven by the private sector. Over the past five years, many small and medium-sized companies have experimented with blockchain technology. Such businesses, which employ 90% of the Canadian population, believe in blockchain’s potential, with 56% aiming to spend over 10% of the budgets in blockchain ventures.
The industry’s rapid growth has resulted in a shortage of skilled labour, with 60% of companies being forced to employ outside the country. However, the study found that Canadians working in the blockchain industry receive an average income of $98,423, nearly twice the national average. The most prominent areas are business development, product development and technological blockchain engineering.
Despite the progress, one of the biggest hurdles is lack of regulatory clarity, a problem that entrepreneurs want to clear up by the government. The entrepreneurs pointed to “the lack of harmonized legislative definitions and a consistent national taxonomy for categorizing and understanding digital assets, designed to distinguish securities from commodities tokens, non-fungible tokens, and stable coins as some of the challenges.”
Tanya Woods, Chamber of Digital Commerce’s managing director added, ” There is an opportunity, and arguably a national mandate, to manage important risk factors beyond the mandates of securities regulators. In provinces, we need to see various departments of finance and innovation take pro-growth positions to support the non-securities aspects of digital assets and blockchain technology.”
The report also reveals that industry stakeholders believe that the government’s actions have focused on bettering the industry for cryptocurrency tokens and not blockchain innovation in general.