Canada More Blockchain and Crypto Friendly than USA According to First Block Capital CEO
Canada More Blockchain Friendly Than U.S.
Canada has approved a blockchain mutual find, and it is the first government to do so. Many are now determining that it has a blockchain-friendly environment.
Numerous additional developments suggest that Canada is freer and more conductive to innovation in the blockchain and crypto fields, especially compared to the United States, where the SEC is still determining the proper regulatory system for such industries.
Sean Clark, the CEO of First Block Capital Inc. discussed the underlying factors that make Canada friendly to new technology, such as crypto and blockchain. A few of the factors discussed include political will and open-mindedness. According to Clark:
I think in general, the Canadian regulatory bodies understand the potential benefits of blockchain and cryptocurrency, and traditionally Canadian regulators have been open to technological innovation. That is different from what you get in places like the US.
Clark further added that his company has collaborated with the Canadian securities regulators and educated them for six months, using the opportunity to build relationships. In his experience, Canadian regulators are more open to dialog concerning technological innovation.
He further noted that Canadian leadership has embraced blockchain technology and that leadership views the United States’ isolation of the technologies as an opportunity to attract skilled labor to help contribute to the country’s economy. In his words:
This is what we’re seeing trickling down to the regulatory environment as they are not stone-walling but rather embracing and wanting to understand the implications of blockchain technology and working with local companies to be able to understand and have the asset class flourish.
Clark also notes that the Toronto Stock Exchange (TSX) is one of the very blockchain and crypto are publicly listed.
In addition to the open and conductive environment Canada offers, it is also working to ensure both institutions and investors are protected against risk. First Block Capital has access to capital markets, it is also experiencing more critical attention, especially when it comes to auditing.
Concerning products offered by First Block Capital, Clark describes it as a Bitcoin Trust. A comparable product is the Bitcoin Investment Trust from Grayscale in the United States. However, dissimilarly, First Block’s product offers its clients a fractional ownership of bitcoin pools.
In terms of the future, Clark stated that he believes that the digital market class will become a multi-trillion dollar industry in the next five to ten years. In the meantime, the prevailing bear market cycle may cause bitcoin and altcoin prices to trade sideways or even down in the coming months. This will be ahead of a bull run. Clark also concluded that his company is committed to creating financial products and providing transparency to asset classes through traditional equities.