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60% of Canadians support cryptocurrency regulation

Who knew?!

GM. I love a survey. I especially love a survey on information that's long overdue. Who knew so many Canadians wanted crypto regulations!

Plus, major financial companies are turning towards crypto integration which might help advance uptake among the crypto-curious further signaling that we're reaching a tipping point in the need for regulation.

I'm at #CollisionConf this week, let's chat!

Today's newsletter is 325 words long, or a 2-and-a-half minute read.

-Erin, @erin_gee

60% of Canadians support the establishment of a new policy framework for cryptocurrencies to protect the public interest, developed in consultation with cryptocurrency experts and Canadian users, according to new research from Nanos.

The study, which was commissioned by the Canadian Web3 Council (CW3), also found that nearly half of Canadians (48%) want the federal government to introduce a strategy to create a more accessible, inclusive, and effective financial ecosystem that includes the use of digital assets like cryptocurrencies.

These numbers show two things:

  • There is an appetite for crypto regulation, despite what people like Pierre Poilieve will have you believe. Just because people are loud about something doesn't mean that they're the majority. Over 30% of BC residents—Canada's Web3 capital—want regulation, something you wouldn't think is the case if you only listened to the echo chamber on Twitter.

  • Regulation of this nascent industry is going to require collaboration from all stakeholders to get right from the jump. Michelle Rempel Garner's private member's bill, C-249, seeks to do just that.

While over 90% of Canadians have heard of cryptocurrencies, just 10% have crypto wallets, despite generally positive views about the technology. But regulations could go a long way to provide legitimacy and tamp down Canadians' concerns about crypto, including scams and an overall lack of trust in its functionality, which could bring crypto mainstream.

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