To push for a comprehensive crypto strategy, 11 firms have formed the Canadian Web3 Council.

The group will advocate for the establishment of a clear digital asset regulatory framework in Canada.

The Canadian Web3 Council, founded by a consortium of financial technology enterprises, is a non-profit trade organisation that will engage with policymakers to enhance Canada’s position at the vanguard of the global digital economy. The organisation, which brings together exchange platforms, blockchain initiatives, and tech investors, will aim to push blockchain-related legislation that combine “innovation, consumer protection, and stability.”

The Web3 Council’s open letter announcing its start was published on Tuesday, March 29. Aquanow, Axiom Zen, Chainsafe Systems, Dapper Labs, Ether Capital, ETHGlobal, Figment, Informal Systems, Ledn, Wealthsimple, and WonderFi Technologies are the initial members of the association.

Phil Sham, CEO of Aquanow, underlined the usefulness of collective action in educating lawmakers in his decision to join the Council: “It makes sense to collaborate with colleagues to exchange ideas and coordinate our engagement activities.” Furthermore, Sham feels it is a significant indicator of the industry’s maturity and capacity to solidify its voice:

“When consumers hear about digital assets or blockchains, there is often a sense of greed associated with token pricing.”

Hatcher Lipton, Co-founder and COO of ChainSafe Systems, also emphasised the significance of the industry-led initiative, saying, “There is a potential to build a community-driven strategy that places Canada at the forefront of the Web3 movement.”

The association’s statement called for the formation of a Canadian regulatory framework, “a complete national plan,” citing the examples of the EU and Switzerland, which already have extensive crypto policies. In the following months, the Council intends to initiate a discourse with the Canadian Web3 community in order to “define its objective.”