Leading Canadian Crypto Firms Join Hands to Form Web3 Council

Key Insights:

• Industry leaders in the crypto space have founded Canadian Web3 Council, a non-profit trade association.
• The organization aims to work constructively with policymakers and aid Canada’s growth in the Web3 space. 

Some of Canada’s top cryptocurrency firms have joined forces to create a new industry group aiming to push for a national strategy on cryptocurrencies and other digital assets.

Canada’s Web3 Council

In an open letter, the Canadian Web3 Council was formally launched on March 29. It is a non-profit trade association founded by industry leaders to work alongside policymakers and help Canada prosper in Web3 technology.

The Canadian Web3 Council includes representatives from various organizations that have been active in the Web3 space. Founding members include Wealthsimple, Dapper Labs, Ledn, Ether Capital, WonderFi Technologies Inc., Aquanow, Aciom Zen, Chainsafe Systems, ETHGlobal, Figment, and Informal Systems (Cosmos).

In a statement released, the organization said,

“There is an urgent need to ensure Canada and its citizens are well-positioned to benefit from this emerging asset class. The Canadian Web3 Council is calling for all levels of governments to establish a coordinated approach to convene industry and experts to build a robust, equitable, and sustainable national strategy for cryptocurrency and digital assets.”

The organization’s co-founders are Jelena Djuric of Informal Systems and Connor Spelliscy, who co-founded the American industry group The Blockchain Association. Founders have highlighted in the statement that they hope the council would help establish Canada’s footprint in the Web3 space by allowing the industry to collaborate with all levels of government.

Web3 Growth in Canada

The Council highlights that Canada’s capital markets have better reception to cryptocurrencies and digital asset products than the US markets. 

Notably, many Canadians are active spokespersons in the Web3 and crypto space. For instance, notable blockchains like Ethereum, Cosmos, and Flow have been developed by Canadians. 

Furthermore, the world’s first spot bitcoin exchange-traded funds (ETF) have been approved and trading in Toronto for a while. On the contrary, the US Securities and Exchange Commission continues to delay approval of a spot ETF.