Canada has decided to put off the cryptocurrency regulations, which were due this autumn. They were supposed to publish the regulations in the Canada Gazette, but that will not happen until some time in 2019.
Canada is one of those countries that cannot be categorised as “pro” or “against” cryptocurrencies. Essentially, since the country is going in pre-election mode, the cryptocurrency regulations is being delayed for now.
According to Bitcoin Magazine, the delay in publishing the regulations signal for some competitiveness to emerge among companies and businesses in the cryptocurrency industry. Canada has previously proposed much stricter regulations in 2018, and now that the entire regulation is put on hold may mean greater growth opportunities for cryptocurrency and blockchain companies.
On the other hand, some companies are worried that the delay in posting the cryptocurrency regulations may mean hindering their opportunities to develop further in the crypto industry, as certain countries such as Japan and Malta are already enforcing loose crypto regulations and many businesses are benefiting from the clear crypto “rules”.
The Blockchain Research Institute (BRI) that is based in Toronto, has already submitted a lengthy and detailed report, which includes opinions and important questions that need to be considered, to the Canadian finance department. Overall, the general opinion is that more clearness needs to come into force, since the cryptocurrency market is quite complex and young.