The Canadian Web3 Council, a group of financial technology companies, is a non-profit trade association that will be working with policymakers to put Canada at the forefront of the global digital economy. Together with exchange platforms, blockchain projects, and tech investors, the association will further work on advancing the blockchain-related approaches that bring balance “innovation, customer protection, and sustainability” together.
An open letter regarding the launch of the Web3 Council was also released on the 29th of March. Initially, the association currently has 11 members: Aquanow, Axiom Zen, Chainsafe Systems, Dapper Labs, Ether Capital, ETHGlobal, Figment, Informal Systems, Ledn, Wealthsimple, and WonderFi Technologies.
The announcement begins with concerns that Canada could lose Web3’s boat, and that the council’s sole goal is to prevent this from happening:
“Our goal is to create an environment facilitative to the growth of this industry in Canada. Our immediate priority is to share our practices with the Canadian people and to further advise the government on developing transparent and effective policy solutions.”
Phil Sham, the chief executive officer of Aquanow, explained the company’s decision to join the council highlighted the impact of collective action on educating politicians:
Sham said “It makes sense to share ideas and coordinate our engagement efforts with colleagues.” In addition, it is also an important sign of the industry’s maturity and ability to integrate accordingly. “ People when they hear about digital assets or blockchains”, it means they are greedy for token prices. However, it’s an industry with some competing vectors that often overlap, and if it can engage people together, it says a lot about Web3’s community issues.
ChainSafe Systems co-founder and chief operating officer Hatcher Lipton emphasized the importance of an industry-based initiative that has the potential to develop a community-based approach that will subsequently put Canada at the forefront of the Web3 movement.
Mentioning examples from the European Union and Switzerland, it already has its own comprehensive crypto-strategies, and the association’s statement called for the creation of a Canadian regulatory framework called the “comprehensive national strategy.” The council also plans to launch the Conversation and Build Its Goal in the Canadian Web3 Community in the coming months.