Crypto exchanges in Canada are quickly gaining a bit of a bad reputation, and in a bid to clean up the streets, the government is proposing new measures to keep crypto traders safe. The government has proposed a new piece of legislation that would see all crypto exchanges in Canada switch to a blockchain based ledger platform to prevent private ledgers from operating. This would add transparency and help clean up the reputation of exchanges in what has been a rather difficult few years for Canadian crypto traders.
The QuadrigaCX Mess is Still Rumbling On
Just shy of a year later, the QuadrigaCX mystery is still plaguing the law courts and investigators. The mystery of what happened to everyone’s money is still the biggest question, and it’s exchanges like this are the reason why this new legislation is coming to the table. If the new legislation passes into law, QuadrigaCX would have to have had its finances recorded in a very different way and payments would have to settle rather differently. Instead of delayed payments when the exchange feels it’s a good time to pay out, exchanges would use a blockchain based settlement system that would pay out a trader’s money once the trade had been confirmed on the relevant blockchain.
Canada Optimistic on Blockchain
Many nations are still steaming ahead with blockchain technology, but Canada is standing out as a leader in the industry. Air Canada has been using blockchain technology to help cut maintenance, ticketing and servicing costs for almost a year now. Meanwhile, the government is increasingly looking to develop regulations to make the space safer for everyone, while keeping it simple for businesses.
This brand-new legislation has been lauded by crypto and blockchain enthusiasts all around the country, meaning it stands a great chance of making it in to law. If it does, we could see Canada get back on track towards becoming a global leader in the crypto and blockchain space.