Canada is only third to the USA and the UK when it comes to blockchain technologies. Convenient regulatory regimes, high-speed internet, and low energy costs are contributing to the countries growth in the crypto world. In addition, the use of Ethereum blockchain technology in different spheres, from health, education, government to finance and even space is exemplary.
Emin Gün Sirer, Cornell professor and computer scientist said: “The Ethereum nodes are both in the latency space, and also geographically, more distributed around the world, as opposed to Bitcoin nodes, which tend to be located in data centers.”
Light cryptocurrency regulation
Canada’s regulations for cryptocurrencies aren’t very strict. The country also offers multiple grants to startups. Last year the Canadian Securities Administrators were talking about applying the Securities Law to the cryptocurrencies. British Columbia has Canada’s first cryptocurrency investment fund. This year the first blockchain exchange-traded fund appeared on the Toronto Stock Exchange. Already in 2013, The Canada Revenue Agency (CRA) was taxing cryptocurrencies but there are several provincial and federal Research and Development tax incentives. Because CRA characterized cryptocurrency is a commodity, the exchange involving cryptocurrencies is barter exchange increasing either the capital gain or the business income. Cryptocurrencies are held as capital assets, are received as a payment for employment, and are also classified as business or hobby. After the classification is done the holders are taxed accordingly.
Unlike Russia, the EU or the US, Canada was first to acknowledge the power of crypto. Justin Trudeau started the implementation of cryptocurrencies as soon as he became the Prime minister. Crypto is not the official currency in Canada but the country allowed companies to adapt to crypto payments. The digital casino industry was the first that got the green light from the government. iGaming…