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Emergencies Act Post-Mortem: Crypto execs in Ottawa discuss Digital Assets

FP via Community Press | Stephanie Hughes | Mar 15, 2022

BTC financial freedom - Emergencies Act Post-Mortem:  Crypto execs in Ottawa discuss Digital AssetsCanadian cryptocurrency executives said they froze only a small number of accounts as a result of the Emergencies Act and that the crypto industry’s transparency should encourage the government to engage more deeply with the sector during testimony before the House finance committee on Monday.

The hearing was part of a post-mortem on the Act and other measures aimed at tamping down the trucker convoy protests across the country. During this time, the Royal Canadian Mounted Police provided a list of crypto wallets thought to be connected to the protests ordering exchanges not to facilitate transactions for these accounts.

See:  Canadian cryptocurrency exchanges ordered to cease dealings with convoy-linked accounts

Dustin Walper, chief executive officer at Canadian crypto trading platform Newton Crypto Ltd., told the committee that his firm was ordered by the RCMP to prevent the flow of funds to illicit bitcoin addresses, but had no ability to freeze or hold funds in private wallets not on Newton’s platform.

Walper said in his opening remarks:

“While (cash and crypto assets) can be and frequently are seized as part of a court order, a criminal investigation, a civil suit or what have you, they cannot be arbitrarily frozen without due process once they’re in the control of an individual.  So, I would really urge the committee to think strongly about the kind of country you want Canada to be,” Walper added. “In my view, it’s a country that both strongly values property rights and due process, regardless of the inconvenience this may cause to legitimate investigation, one that embraces fintech innovation and pro-growth policies, and one that’s fair and even-handed even to those who we might not ultimately agree with.”

See:  Carolyn Wilkins: to achieve benefits, crypto must be made as safe as Canada’s financial system

Blair Wiley, chief legal officer at Wealthsimple Inc., told policy-makers that cryptocurrencies have moved past the Wild West and represented a promising technology with increasing transparency and consumer protection, even if some foreign platforms are less compliant with Canadian law.

“We believe this strengthens the case for the federal government to start engaging with the domestic crypto sector to develop a clear and positive regulatory framework for crypto in Canada,” Wiley said. “It is strategically important to Canadian innovation, competitiveness and security that we have a strong domestic crypto industry.”

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NCFA Jan 2018 resize - Emergencies Act Post-Mortem:  Crypto execs in Ottawa discuss Digital Assets The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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