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Bill C-249

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First Session, Forty-fourth Parliament,
70-71 Elizabeth II, 2021-2022
HOUSE OF COMMONS OF CANADA
BILL C-249
An Act respecting the encouragement of the growth of the cryptoasset sector
FIRST READING, February 9, 2022
Ms. Rempel Garner
441131


SUMMARY

This enactment requires the Minister of Finance to develop a national framework to encourage the growth of the cryptoasset sector and, in developing the framework, to consult with persons working in the sector who are designated by provinces and territories. The enactment also provides for reporting requirements in relation to the framework.
Available on the House of Commons website at the following address:
www.ourcommons.ca


1st Session, 44th Parliament,
70-71 Elizabeth II, 2021-2022
HOUSE OF COMMONS OF CANADA
BILL C-249
An Act respecting the encouragement of the growth of the cryptoasset sector

Preamble

Whereas advances in technology have led to a rapid growth in the presence of digital assets in the financial services industry that are secured by technologies such as blockchain and are commonly referred to as cryptoassets;
Whereas cryptoassets have significant economic and innovative potential for Canada;
And whereas policy must focus on lowering barriers to entry into the cryptoasset sector, protecting those working in the sector and minimizing the administrative burden;
Now therefore, Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Short Title

Short title
1 This Act may be cited as the Encouraging the Growth of the Cryptoasset Sector Act.

Interpretation

Definitions
2 The following definitions apply in this Act.
cryptoassets means digital assets that are secured by means of cryptographic systems, including the blockchain system, that do not rely on a central authority and are based on algorithms agreed to by the majority of users. (cryptoactifs)
Minister means the Minister of Finance. (ministre)

National Framework on Cryptoassets

Framework
3 (1) The Minister, in consultation with the persons referred to in section 4, must develop a national framework to encourage the growth of the cryptoasset sector.
Content
(2) The framework must, among other things, focus on lowering barriers to entry into the cryptoasset sector while protecting those working in the sector and minimizing the administrative burden.

Consultations

Consultations
4 (1) In developing the framework, the Minister must consult with persons whose names are submitted by a province or territory and
(a) who have demonstrated experience working in the cryptoasset sector;
(b) who, during the five years before the day on which this Act comes into force, were not required to file a return under subsection 5(1) or 7(1) of the Lobbying Act; and
(c) who are not employees as defined in subsection 2(1) of the Public Service Employment Act or employees of a Crown corporation as defined in subsection 83(1) of the Financial Administration Act.
Submissions — provinces and territories
(2) Within three months after the day on which this Act comes into force, the Minister must invite written submissions from the persons referred to in subsection (1).
Submissions — public
(3) The Minister must also provide the public with the opportunity to make written submissions.
Publication
(4) Within one year after the day on which this Act comes into force, the Minister must publish on the website of the Department of Finance the submissions made by the persons referred to in subsection (1).
Draft framework
5 (1) Within 18 months after the day on which the submissions are published under subsection 4(4), the Minister must prepare a report setting out a draft of the framework that is based on the submissions and cause the report to be tabled in each House of Parliament on any of the first 15 days on which that House is sitting after the report is completed.
Referral to committee
(2) After it is tabled, the report stands referred to the standing committee of each House of Parliament that normally considers finance matters.
Publication and notice
(3) The Minister must publish on the website of the Department of Finance the draft framework and a notice that invites the public to provide written comments on the framework within three months after the day on which the notice is published.

Reporting Requirements

Tabling of framework
6 (1) Within three years after the day on which this Act comes into force, the Minister must prepare a report setting out the framework and must cause the report to be tabled in each House of Parliament on any of the first 15 days on which that House is sitting after the report is completed.
Publication
(2) The Minister must publish the report on the website of the Department of Finance within 10 days after it has been tabled in both Houses of Parliament.

Implementation

Clarification
7 For greater certainty, nothing in this Act requires a province to take any measure in respect of any matter provided for in the framework that is within the legislative authority of the legislatures of the provinces.
Published under authority of the Speaker of the House of Commons

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