Canadian entrepreneurs have played a fundamental role in shaping Web3 around the world, including founding some of the largest blockchain networks like Ethereum, Cosmos, and Flow, and many leading NFT platforms like NBA Top Shot and CryptoKitties.
Canada also launched the world’s first spot Bitcoin ETF in 2021 and led the way for it on policy and regulation.
Despite these successes, Canada has fallen behind other jurisdictions that are advancing policies and defining their approach to Web3.
To remedy that a group of Canadian Web3 companies have come together to launch of the Canadian Web3 Council. The non-profit trade association will advocate for a national Web3 strategy to support a more transparent and inclusive digital economy.
Web3 has quickly evolved from a technology used by hobbyists to a global industry currently valued at more than USD $1.8 trillion. Web3 technologies are transforming the internet, financial, and digital services.
Beyond its incredible economic potential, it offers new standards of efficiency, transparency, and coordination that are critical to helping solve some of the greatest challenges facing the digital economy.
The Council’s immediate priority is to advocate for a national strategy for cryptocurrency and digital assets. 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 Canadian Web3 Council represents organizations that have made a significant impact on the development of Web3 technologies across the globe and are committed to building and innovating responsibly in Canada. It represents a diverse group of members, ranging from issuers of financial products and exchange platforms, to investors and open-source blockchain projects.
Among the founding members are Aquanow, Chainsafe Systems, Dapper Labs, Ether Capital, Ledn, Wealthsimple, and WonderFi.
The association is actively recruiting members to help define Canada’s national Web3 strategy.