A group of fintech companies have formed the Canadian Council Web3, a non-profit trading consortium that will work with decision makers to advance Canada’s position ahead of the global digital economy. By bringing together exchange platforms, blockchain projects and technology investors, the association will promote blockchain-related guidelines that balance “innovation, consumer protection and stability.”

An open letter from Web3 Council announcing the launch was published on Tuesday, March 29. Originally, the association included 11 members: Aquanow, Axiom Zen, Chainsafe Systems, Dapper Labs, Ether Capital, ETHGlobal, Figment, Informal Systems, Ledn, Wealthsimple and WonderFi Technologies.

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The statement begins with a fear that Canada will miss the Web3 boat, and it is the council’s job to make sure that does not happen:

“Our goal is to create an environment to support the growth of this industry in Canada. […] Our immediate priority is to share what we have learned with the Canadian public and advocate for the government to come up with transparent and effective political solutions. ”
Phil Shum, CEO of Aquanow, explained the Cointelegraph company’s decision to join the board, highlighting the effectiveness of teamwork in educating decision makers: “It makes sense to work with peers to share ideas and coordinate our engagement.” In addition, it is an important indicator of the industry’s maturity and its ability to assert itself, says Cham:

“Often when people hear about digital assets or blockchain, it can indicate token greed. But if an industry that often has some overlapping competition vectors can come together and engage the audience collectively, they say a lot about aspects of the Web3 community.”
As Hatcher Lipton, co-founder and COO of ChainSafe Systems, noted the importance of the industry initiative: “It is an opportunity to develop a community-driven policy that puts Canada at the forefront of the Web3 movement.”

Citing examples from the EU and Switzerland that already have comprehensive crypto strategies in place, the union’s statement calls for a Canadian regulatory framework, a “comprehensive national strategy.” In the coming months, the board plans to start a dialogue with the Canadian Web3 community and “define its mission”.

Source: CoinTelegraph