A report recently published by the Canadian Digital Chamber of Commerce proves that the money involved in the blockchain industry of the nation is at the maximum. Their report was brought together using the information provided by over 150 cryptocurrency and blockchain companies. Information from the Govt. of Canada was also used. Along with Accenture, Blockchain Research Institute (BRI) carried out the research and study, which helped with this report.
What legal clarity does the report talk about?
The report stating that Blockchain is the top-notch sectors in Canada also shows various current strengths, the strength of the sector, and legal requirements. The report provides a detailed and in-depth perspective of the blockchain ecosystem of Canada. This was done on the basis of the company volume and the region where it is located.
The report clearly mentions that the Blockchain sector lacks the commitment of the government to shift to this ingenious sector. Moreover, it also states that this can only be done by facilitating better legal clarity.
The chairman of BRI, Don Tapscott, discussed the same lines. He believes that the sector is multifarious and growing in the nation. However, there are a number of challenges related to funding, business-related services, and unstable regulatory frameworks as per Don Tapscott. Moreover, the lack of sufficient public education along with bare minimum collaboration from auditing and banking spheres is another major issue. As per the report, Canada is expected to be in a great position to become a pioneer in the sector. But the government must tackle all these issues first to continue heading in the right direction.
Remuneration in the industry in Canada
One of the biggest positive sides of the report is that the people engaged in the sector are getting rewards for their efforts and research. The average remuneration of a blockchain professional in Canada is over $98K annually. This makes the industry prominent among the maximum payout across the nation.
Tanya Wood, the MD of Chambers of Digital Commerce Canada, believes that the nation's talent and ecosystem are supreme. Moreover, the policies concerning the growth in the industry can help to make Canada the forerunner in global Blockchain. There is a tremendous opportunity for every individual who is interested in and wants to succeed and grow professionally in the blockchain industry.
Tax payments for Bitcoin in Canada
Cryptocurrency industry is also at its raise in Canada. According to the Bank of Canada, around 5% of Canadians possess Bitcoins. Evan Kuhn, the co-founder of Coinberry (a cryptocurrency exchange based in Toronto), stated that usage of Bitcoin (BTC) is more efficient and profitable if concerning the aim of paying taxes. The efficiency is higher than in case with bank cards. Moreover, he also explained that the company Coinberry takes reduced fees when compared to card institutes.
The charges for a credit card company is at 3% whereas Coinberry charges a fee of 0.5%. This figure is significantly less. Therefore, such strategies also enhance the blockchain industry and make it beneficial for people who are employed in the industry.
The strategies and policies of the Canadian Govt., as well as corporations in the nation, promote the enhancement of Blockchain. With minor improvements in terms of laws and regulatory environments by the government, Canada can easily become a forerunner and change the landscape globally.
The rise of blockchain in Canada
Canada has low energy costs, high speed internet facilities as well as regulations that are more favorable. Blockchain mining is something that consumes a vast amount of electricity. Thus, low energy costs in Canada can aid in that aspect greatly. The climate in Canada also acts as an advantage as mining causes overheating too. Therefore, a cold climate can help better with that.