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Circle’s USDC Becomes 1st Stablecoin to Comply with Canadian Regulations

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  • USDC becomes the first compliant stablecoin in Canada ensuring its availability on registered crypto platforms.
  • Circle expands its global footprint including the EU and Singapore. It’s now eyeing Hong Kong as a strategic growth market.
  • Circle’s proactive approach positions it to capitalize on Hong Kong’s emerging stablecoin regulatory framework.

Circle Internet Financial, a leading global financial technology firm, today announced that its regulated subsidiary has become the first stablecoin issuer to meet Canadian securities standards. This paves the way for USDC to be offered on registered crypto asset trading platforms in the Canadian market.

This is a significant milestone as USDC now became the first major dollar stablecoin that is compliant with new regulations with the Ontario Securities Commission (OSC) and Canadian Securities Administrators’ (CSA) Value-Referenced Crypto Asset (VRCA) requirements.

Circle
Circle's USDC Becomes 1st Stablecoin to Comply with Canadian Regulations 2

By adhering to the VRCA framework, Canadian users can access USDC on a 24/7 basis even after the CSA’s December 31, 2024 deadline for delisting non-compliant stablecoins.

“Circle’s commitment to regulatory compliance is unwavering,” said Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle. “By complying with the VRCA requirements, we’re fostering a more transparent and accountable digital financial ecosystem in Canada.”

Circle’s proactive approach aligns with the CSA’s goal of establishing a robust regulatory framework for digital assets. This development promises to streamline cross-border transactions, enhance consumer protection, and reduce settlement risks within the Canadian financial system.

Circle’s USDC Leads the Way in Global Regulatory Compliance

Beyond Canada, Circle continues to actively engage with global regulators to ensure compliance with evolving regulatory standards. The company has secured licenses in various jurisdictions, including the U.S. and the European Union, making USDC a widely recognized and trusted stablecoin.

It is also expanding its footprint by targeting one of Asia’s largest capital markets, Hong Kong, as a significant growth market. Amid the region’s anticipated regulatory overhaul for stablecoins, Circle plans to establish a larger presence by expanding its local team and potentially securing a regulatory license.

As reported by TronWeekly, the Hong Kong government has been actively shaping its financial landscape to welcome stablecoin issuers via a structured sandbox program. The city-state aims to bring a legislative framework on a stablecoin by the end of the year that will see issuers meet specific guidelines, including a minimum capital requirement and full asset backing.

Considering this potential regulatory shift, Circle plans to be the first mover due to the better clarity of the region’s regulatory landscape. 

Is Quatro Casino Ready for the Future of Gaming in Canada?

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Mobile gaming and gambling are among the main differences shaping the world of online gaming today. Everything happens through our phones, from paying bills to keeping in touch with friends and family and even experiencing entertainment, whether gaming, watching movies, or playing games. That said, the online casino market is no longer just evolving—it’s in overdrive.

This article focuses on how Quatro Casino fits into this tech-fuelled frenzy. The perspective is backed up by evidence and insights from devoted research conducted by the CasinoOnlineCA team.

Quatro Casino: A Trusted Name in the Canadian Gambling Market

Quatro casino launched in 2009, and over the years, it has carved out a strong reputation as one of Canada’s most reliable online casinos. Since its inception, the casino has been crowded with Canadian players, mostly for its dependable platform and high-quality entertainment, which was brought by one of the most popular providers, Microgaming. These games are fair and engaging, involving cutting-edge graphics and in-game bonuses that keep the entertainment flowing naturally. The Microgaming partnerships, alongside the user-friendly interface of the casino, have earned Quatro Casino a loyal following.

With over a decade of experience, it strikes the perfect balance between trust and embracing modern trends. Fairness and safety are at the heart of Quatro Casino’s undisputed success, embodied in its licenses from the Malta Gaming Authority (MGA) and the Kahnawake Gaming Commission, two of the most stringent regulatory bodies in the international gaming industry.

These licences don’t just serve as a seal of approval—they reinforce the casino’s dedication to transparency and ethical gaming practices. For Canadian players, this level of oversight is often a crucial factor in choosing where to play.

All this and the adaptability to upcoming trends truly set Quatro Casino apart. As James Segrest, a celebrated expert from the CasinoOnlineCA team, points out, “Longevity in the online casino world isn’t just about survival, but about evolving with the times. Evolution doesn’t always come from the graphic or IT team at the casino. Still, it’s brought forth by carefully listening to players’ reviews and moving the right way with technological advancements that move the entire gambling market.”

The Canadian Online Casino Landscape: A Shifting Horizon

The Canadian online gaming market is buzzing and shifting towards the future daily. Advances in technology and the new player base that has grown together with these technologies have sparked a whirlwind of necessary innovations, and online casinos are racing to keep up! In addition, James Segrest did his research, resulting in this list of trends transforming the industry, with added insights on how Quatro Casino is preparing to ride the wave.

Mobile Gaming

Let’s face it—our phones have become the most precious asset we always carry around with us. It’s no surprise that gaming has followed suit, with mobile now dominating the online casino world. About 60% of players in Canada prefer gaming on their phones, and Quatro Casino has taken this shift in stride. Its platform is optimized for mobile browsers, so there’s no need to download an app.

Games like live dealer roulette and high-resolution video slots load quickly and run smoothly, whether players are using Wi-Fi or mobile data, which doesn’t come as a convenience but as a survival strategy in a mobile-first market. “And Quatro’s approach is keeping it simple, seamless, and ready for the swipe-happy generation,” Segrest notes with wit.

Read more insights about the mobile casino market and its regulations here.

Blockchain Technology and Cryptocurrency

Cryptocurrency was first launched in the same year as Quatro Casino—2009—but it was still a fragile subject and not as evolved as it is today. EWallets and the abundance of cryptocurrency that have swirled the market have pushed crypto payments as a reliable and desirable payment option in online casinos, mostly for their anonymity and increased security.  

Though Quatro Casino hasn’t yet rolled out crypto payments, our expert shares that their intentions are already on the wall. “Quatro casino has solid plans for incorporating crypto payments because blockchain isn’t just about payments, but it also offers transparency through provably fair games, where players can verify outcomes themselves,” Segrest shares.

Augmented Reality (AR) and Virtual Reality (VR)

What if playing slots felt like actually strolling through a glittering casino or your poker table was surrounded by other players’ avatars, all from the comfort of your couch? That’s the promise of AR and VR in the world of online casinos, and it’s already here. Luckily, leading software providers like Microgaming, the provider powering the Quatro Casino gaming library, have already demoed VR roulette, showing players a peek at what’s possible.

While Quatro Casino has yet to embrace AR/VR, its partnership with Microgaming brings it a step closer to this reality than other casinos that power games from different providers.

Heightened Regulations and Responsible Gaming

With significant growth comes greater responsibility. Regulatory bodies in Canada are doubling down on player protections, and online casinos are feeling the pressure. Quatro Casino has already stepped up, offering safety features like deposit limits, cooling-off periods, and self-exclusion tools. “These are not just boxes to tick or stuff to write in the Terms and Conditions section—they’re lifelines for players looking to keep gaming fun and balanced,” Segrest adds.

Regulations are tightening, but casinos like Quatro have an opportunity to stand out by making player safety a priority. Add in the potential for AI to flag risky gaming behaviours, and the future looks safer and smarter already.

Customer-Centric Approach: The Heart and Soul of Quatro Casino

We already checked where Quatro Casino stands in the competitive online gaming market, alongside the upcoming trends. But in online casinos, adopting novelty changes and hi-tech trends isn’t the only “secret” to staying on top of the list. Caring about customers and players always comes first; Quatro Casino understands this better than most casinos.

24/7 Support

Have you got a question at midnight? Quatro Casino has you covered! Their 24/7 customer support system ensures you’re never left in the lurch, whether stuck on a payment issue or curious about a game feature. Their live chat connects the player base with friendly and knowledgeable representatives in real time. Their email support is here for less urgent inquiries, resolving queries in less than 24 hours.

A Smooth, Intuitive Experience

Simplicity is “the Quatro way.” Their website is so simple that you can clearly see it’s designed with players in mind. The background is white, and each button is clearly visible, adhering to accessibility protocols as well. Every element feels intuitive and polished, from the homepage to the game library.

The Future of Player Engagement

Looking ahead of our time, James Segrest has a few things in mind that answer the question: what will players want tomorrow? Of course, this is all backed by industry reports and insights.

  • Industry experts predict that AI will play a big role in future customer service, incorporating AI assistants that will instantly answer questions and learn players’ preferences to adapt their tone of communication.
  • Multilingual support is another area ripe for growth, especially as online casinos attract players from across the globe. Although multilingual support is actually common in many online casinos, it has yet to reach its fullest potential. Accessing services like Google Translate with chatbots should be easy in the future so that every casino can offer support in all available languages.
  • Personalization is a trend shaping our online experiences in many ways (just look at Netflix and YouTube suggestions). Future platforms might offer customization homepages (e.g., dark mode, accessibility mode), personalized game recommendations based on the player’s history, and even generic loyalty programs that are unique and tailored to a player’s spending habits or interests.

Quatro Casino has clearly positioned itself as a leader in the Canadian online gaming market, blending tradition and innovation and keeping players’ interests at its core—the basic formula for staying on top of stiff market competition!

Crypto Scams Drain $22.5 Million from Local Canadian Citizens

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A survey discovered that approximately one-third of Canadians who own cryptocurrencies have reported falling victim to cryptocurrency-related scams. To address this issue, the Canadian police in Calgary, Alberta, have issued a targeted caution to the public, advising them to exercise caution regarding scams associated with employment offers, romantic relationships, and other fraudulent activities related to digital currencies. These scams have led to losses exceeding $22.5 million in the current year.

Officials in Alberta revealed on Monday that their residents have reported encountering 340 cryptocurrency scams since the beginning of the year. This number has increased from 2022, when residents lost a comparatively smaller sum of $14 million across 321 reported scams throughout the entire year. The police suspect that even these figures represent an underreporting of the problem.

The Calgary Police commented that, while the majority of digital assets transactions are legitimate, the unregulated nature of the crypto market has made it an attractive tool for scammers involved in various fraudulent activities.

Calgary, once known as the heart of Canada’s oil industry, was ranked as the third most livable city in the world during the summer in the Economist Intelligence Unit’s annual ranking of livable cities.

The most frequently reported scams involve investment schemes, where scammers promise victims significant profits in exchange for an upfront payment. The police emphasized that genuine entities would not demand full payment upfront.

An illustrative example of such a scam is the well-known case of Michael Saylor phishing videos, where imposters posing as the Bitcoin billionaire guarantee to double the victim’s Bitcoin holdings in exchange for transferring their BTC to the scammer’s wallet. In January 2022, a Bitcoin user sent $1.1 million in BTC to one of these scam addresses.

Crypto Scams Continues

Furthermore, the police cautioned the public against individuals on the internet who promise substantial returns in the digital asset markets. They also warned against individuals on social media and online dating apps discussing cryptocurrency investments, as such messages are likely to be scams. According to Chainalysis, scams remain a prevalent category of cryptocurrency-related crimes, including hacks, darknet markets, and ransomware attacks. Nevertheless, the firm’s mid-year update for 2023 suggests that global crypto crime has decreased since the previous year, a trend not observed in the case of Calgary.

Crypto Canada
Crypto Scams Drain $22.5 Million from Local Canadian Citizens 4

In June, a survey conducted by Toronto Metropolitan University involving 2,000 Canadians revealed that one-third of digital asset owners in Canada have been targeted by cryptocurrency scams.

Aside from scams, the Royal Canadian Mounted Police (RCMP) issued a warning in July concerning instances in which criminals stole cryptocurrencies directly from individuals’ homes by impersonating delivery personnel or figures of authority.

Stablecoin Shake-Up: Canada’s Crypto Clarity Sends Shockwaves

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In the realm of cryptocurrency, stablecoin clarity has advanced significantly thanks to the Canadian Securities Administrators (CSA). On October 5, the CSA introduced its interim strategy for value-referenced crypto assets, placing a specific emphasis on stablecoins.

This announcement comes after a period of uncertainty surrounding the classification and trading of stable coins in Canada. In February, the CSA had indicated that stablecoins could potentially be considered securities and derivatives, effectively prohibiting their trading on Canadian crypto exchanges.

However, in a significant shift, the CSA now offers a potential path for stablecoins to be traded within the country. The key conditions for this are that issuers must maintain an appropriate reserve of assets with a qualified custodian, and crypto exchanges must provide transparency by making certain governance, operational, and asset reserve information publicly available.

Stan Magidson, CSA Chair and CEO of the Alberta Securities Commission, emphasized that this interim framework is just the beginning and that future developments will build upon these initial standards. He stated,

“This interim framework sets certain standards to help ensure that investors receive the information they need about the assets they are purchasing, including the risks associated with them.”

Stablecoin Risks Highlighted by CSA

Despite this newfound clarity, the CSA issued a word of caution, reminding investors that even compliant stablecoins backed by fiat currency still carry risks and should not be viewed as risk-free or officially endorsed.

This regulatory move in Canada has generated increased interest in the cryptocurrency sector from institutional investors, who have been seeking a clear regulatory framework to operate within.

The stablecoin market, which had seen significant growth in previous years, has experienced a decline over the past 18 months, currently representing around 11% of the total cryptocurrency market capitalization at $123 billion. As regulations continue to evolve, the stability and future of stablecoins within the crypto landscape remain a topic of keen interest and scrutiny for both investors and regulators alike.

Cryptocurrency Firms “Fake” Legitimacy: Canadian Financial Watch Dogs

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Canadians are encouraged to double-check cryptocurrency trading service providers since these platforms may be bolstering their legitimacy by using “fictitious” regulatory bodies.

Some “purported” cryptocurrency platforms, in an effort to look respectable, are claiming to be approved by specific regulatory agencies or dispute resolution organisations, according to a June 20 Investor Alert from the Canadian Securities Administrators.

The CSA issued a statement saying that “the websites appear to be credible at first glance, with references to complaint processing, dispute resolution, and providing redress to aggrieved investors.”

According to the CSA, one such website even claimed that its bogus certification makes it a trustworthy and reliable online trading platform, saying,

“But upon closer inspection, the websites’ language can be awkward and unpolished, with errors in spelling, grammar or syntax — a common ‘red flag’ of illegitimate entities.”

The Financial Standard Commission FSC Canada, Financial Commission/Finacom PLC Ltd., and its related business, Blockchain Association are only a few of the “fictitious” regulatory agencies and organisations mentioned by the CSA.

The CSA asserts that none of the organisations listed are “known,” and that any organisation claiming to be a member of any of the organisations is “likely fraudulent.”

A list of cryptocurrency companies that claim to be a part of the “Blockchain Association” was discovered by local media on the website of the group, which the CSA has accused of being a sham.

When this article was published, media representatives had not yet heard back from Etheralabs, Gallant Exchange, SmartDec, StormGain, YouHodler, Finacom PLC Ltd., or Asia Blockchain.

Cointelligence is looking into its listing as a partner, a spokeswoman for the company told local media, and will update when additional information is available.

CSA stated,

“Anyone considering using a crypto firm that claims to be certified or a member of a dispute resolution organization should try to independently verify that the referenced organization actually exists.” 

Citizens Warned To Cross Check Cryptocurrency Firms

The agency also suggested that anyone who were thinking about investing in cryptocurrency compare the firms to those that had already registered with the CSA. Currently, 11 crypto trading sites have submitted pre-registration undertakings, and 12 hold business licenses to operate in Canada.

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A of certificate of Blockchain Association membership. Source: Gallant Exchange

Even though this isn’t included in the regulator’s statement, it should be highlighted that crypto businesses themselves could fall prey to “fake” certifications, and that just because a certification is listed doesn’t necessarily mean a platform is “fraudulent.”

The full list of organizations and authorities that the CSA has called “fake” includes the following:

  • Financial Standard Commission FSC Canada
  • Financial Commission/Finacom PLC Ltd.
  • Blockchain Association
  • European Financial Services and Exchange Commission
  • Crypto Conduct Authority/Crypto Frugal Ltd. (Ireland)
  • Crypto Conduct Authority/Crypto Frugal Ltd. (U.K.)
  • International Regulatory & Brokerage E-markets
  • British Investment Commission/BIC PLC Ltd.
  • International Financial Market Supervisory Authority
  • Crypto Commission Authority/Crypto Commission Ltd.

Crypto.com To Remove USDT On Jan. 31 In Canada

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Leading Singaporean cryptocurrency exchange Crypto.com said that it would officially remove USDT stablecoin for Canadian users on January 31 at 1 p.m. ET.

Informing customers via email, the top exchange said all USDT trading pairs, transactions, deposits, and withdrawals would be removed from the exchange at that moment, and all USDT deposits made by users after that point would be converted to USDC issued by Circle.

The current move coincides with regulators tightening the noose on centralized exchanges globally as a result of the failure of FTX and increasing competition among the top stablecoins.

One of them is Canada’s top regulatory body, the Canadian Securities Administrators [CSA], which stated last month it would increase its monitoring of cryptocurrency exchanges by “expanding existing requirements” for trading platforms operating in the country.

The CSA, in particular, put emphasis on stablecoin saying it “continues to monitor and assess the presence and role of these asset classes in Canadian capital markets,” according to a press release.

CSA regulators also issued a warning to crypto exchanges not to allow any cryptocurrency that may be considered security — a designation that the regulators say could include stablecoins. 

“The CSA is of the view that stablecoins, or stablecoin arrangements, may constitute securities and/or derivatives,” the group said. To evaluate if the digital assets they list are securities or derivatives, crypto exchanges must have developed policies and procedures.

Although a specific date for the new rules’ implementation is not yet known, platforms can anticipate being approached individually to talk about them. An inquiry for comment was not immediately answered by the CSA.

That said, in Sept. 2021, the Ontario Securities Commission [OSC], Canada’s top financial watchdog, banned trading platforms operating locally from interacting with the market-leading stablecoin tether even though it hasn’t made it clear if it considers USDT a security.

Tether’s USDT Has Faced A Rise In Competitors

Following the FTX’s saga, Tether has faced intense regulatory scrutiny throughout 2022 and expressed a desire to increase transparency on its collateral reserves.

The collapse of the SBF’s crypto empire was bittersweet for the largest stablecoin in the world because the exchange platform was Tether’s biggest user.

Competition for Tether’s USDT position as the biggest stablecoin in the cryptocurrency ecosystem has increased as a result. Wall Street firms like BlackRock and BNY Mellon prefer USD Coin [USDC], which has a 29.8% market share in stablecoins.

It also faces extensive competition from Binance’s stablecoin BUSD.  

The Top 5 Most Popular Slot Software Providers in Canada

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The entire concept of slot machines is something that has existed for a long time. Even though these machines have been around for almost as long as casinos themselves have, they remain just as popular today as they did all those years ago. In fact, they are so popular that the demand for them is not diminishing anytime soon.

In Canada, this means there are plenty of opportunities to invest in playing slot machines. The right software can make it easy to track statistics on how often each machine gets used, what the average payout rate is on any given machine, and more. This article covers the top 5 most famous slot software providers in Canada, which you can find after you sign up at Zodiac casino.

  1.   Microgaming

This is one of the longest-running software providers in the business, with plenty of experience helping to power casinos across the world. As such, Microgaming has a long history and a great reputation for providing top-quality software. The company has been in the business for more than two decades and has plenty of experience. Microgaming has a wide variety of slots with numerous themes and features. Players can find all kinds of games, from classic fruit machines to modern video slots with features, like bonus rounds and more. This gives Microgaming a lot of credibility, especially with hardcore players.

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The Top 5 Most Popular Slot Software Providers in Canada 8
  1.   IGT

IGT is another well-known slot machine software provider. It has been in business for decades and began by producing and managing physical slot machines. More recently, IGT has shifted focus to online casinos and produces some of the best online slot machine software out there. In addition, IGT has been producing online slot machine software for over 20 years. IGT is well-known for producing high-quality games, and many of them feature high-end graphics. IGT is definitely one of the most well-known slot machine software providers in Canada and has a lot of credibility in the industry.

  1.   Yggdrasil Gaming

Although the company was founded in 2013, it has quickly built a large following. In fact, the company has become one of the top software providers in the world in just a few years and is one of the most popular in Canada. Yggdrasil’s popularity is largely due to its high-quality games. All of the games produced by Yggdrasil are unique and have a lot of features and bonus rounds. In addition, the graphics and themes are all high quality and look great. There is something for everyone here, no matter what type of game you like to play.

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  1.   NoLimit City

This company is relatively new, having been founded in 2014. However, it has quickly grown to become one of the top providers of slot machine software on the market. NoLimit City has a reputation for being one of the most flexible software companies out there. This includes a wide range of features and options to customize the game to your liking. The company has a large selection of games to choose from, and there is something for everyone.

  1.   Play’n GO

This company is another long-running software provider, having been founded in 2005. It has quickly become one of the top providers and is one of the most popular in Canada. Play’n GO is known for its high-quality games, many of which feature top-notch graphics and animations. In addition, Play’n GO has several games that have won awards and received critical acclaim. It has a large selection of games available, with a wide range of different features and bonuses. In other words, there is something for everyone to choose from when playing a slot machine from Play’n GO.

Casino Zeus Finds the Diamonds in the Rough for Canadian Gamblers

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Does having too many choices ever become a problem? How do you know which Canada online casinos are the best, given the sheer number? A modern shopper does their homework before making a purchase. They check out ratings and reviews and compare the product in question with others in its category. 

When looking for reliable casino online Canada reviews, your best bet is casinozeus.net, a site started in 2022 by Olexiy Ivanov and now available in English.

Casino Zeus ensures that all Canadian casinos are legitimate by verifying their licensing and regulatory status. The legal status of gambling and online casinos is murky in Canada, although both are still illegal. In most places, it is illegal to establish online casinos without a valid gambling licence.

Olexiy Ivanov’s knowledge of the best online casinos in Canada is useful to players all around the world. Visit this amazing website, Casino Zeus, currently available for Canadians only, to learn everything about online casinos in Canada.

To say that Olexiy Ivanov is a prominent commentator would be an understatement. His career in the gambling sector spans over a decade. His in-depth familiarity with the Canadian gambling scene has made this page the go-to resource for reliable lists of online casinos in the country.

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Casino Zeus Finds the Diamonds in the Rough for Canadian Gamblers 11

Everything from welcome bonuses and accepted methods of payment to the games offered and geographic availability can be found here, making this a one-stop shop for information about real casinos in Canada.

Casino Zeus List of the Best Online Casinos in Canada

Online casinos are plentiful, and this list will help you spot the best online casinos in Canada. 

NameBonusGamesLicence
King BillyC$2500 + 250 Free Spins5000+MGA gambling licence
Hell SpinC$1200 + 150 Free Spins700+Curacao Gaming Authority
Golden StarC$2000 + 200 Free Spins1000+Curacao Gaming Authority
Lucky Nugget150% Match Up To C$2001500+Kahnawake Gaming Commission
EvospinC$2000 + 200 Free Spins1000+MGA gambling licence

How to Spot the Best Online Casinos in Canada

When looking for a reliable online casino, there are a number of factors to consider. Olexiy has refined these to a science over the years, and his advice is included here:

  • Look at what people have to say about casinos online. Scour the online forums and read customer and expert reviews. If an issue seems to be recurring, it is possible that the casino operators don’t heed the complaints of their customers.
  • A casino’s efforts to earn a licence demonstrate that it has met the requirements of a government agency with jurisdiction over gambling. If a casino has a licence, it has proven that it abides by the law and has passed all required inspections.
  • Studios, like casinos, have ratings, and the games they produce attract trust and customers. Look for casinos that work with reputable developers. 
  • Picking an online casino in Canada where you can obtain help with any issue quickly and easily through chats, phone calls, and emails is crucial.
  • You’ll need to disclose personal information like your name, address, and phone number; as a result, you should demand the highest level of protection possible. Look for signs of safety on the casino website.
  • Finally, make sure that the casino online in Canada you choose offers a wide selection of games. You’ll want to be able to choose from a wide variety of games, whether you’re interested in poker, slots, or the more traditional table games.

Canada’s Responsible Take on Gambling Addiction

The best casinos online in Canada need to include a self-exclusion programme. This programme is an add-on to the existing casino body, where players are requested to set their own limits. Gamblers fix an upper limit on how much time and money they can spend on the casino to avoid addiction. 

This doesn’t eradicate the problem altogether but helps spot early signs of addiction based on activity levels. Furthermore, Canada has an excellent centre for addiction and mental health that is located in Toronto. In order to seek proper therapy for yourself or a loved one, call their toll-free number at 1 800 463-2338.

Canada’s PM Candidate Doubles Down On Crypto

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Canada’s Conservative member Pierre Poilievre on 28 March said that cryptocurrencies like bitcoin and ethereum would “decentralize” the economy and reduce the influence of central bankers. Poilievre who is running for the PM post attempted to woo the crypto community by saying that if he is elected he would legalize crypto and work towards making the country the ‘blockchain capital of the world’.

The news comes at a time when Canada’s present gov has taken a stiff stance toward the digital assets industry during the Freedom Convoy protests. As reported by TronWeekly, Prime Minister Justin Trudeau decided to invoke the 1988 Emergencies Act, freezing crypto transactions in a bid to cut off all funding routes of the trucker blockades.

The prime ministerial candidate spoke fervently at a shawarma shop in London, Ont. that accepts bitcoin as payment, Poilievre rued that after the outbreak of the COVID-19 crisis, the Bank of Canada created “$400 billion in cash out of thin air”. This according to him is the reason why inflation hit a 30-year high and housing prices broke all-time record levels.

sask poilievre campaign 20220304

Throwing his weight behind bitcoin, Poilievre said, “Canada needs less financial control for politicians and bankers and more financial freedom for the people. That includes freedom to own and use crypto, tokens, smart contracts, and decentralized finance.”

As the onus of Securities regulation falls in provincial jurisdiction, Poilievre said he’d work with the provinces and territories to eliminate a “cobweb of contradictory rules” that govern crypto and blockchain the system.

Canada’s PM candidate wants crypto to act like gold

The Conservative candidate also said he wants crypto to be treated like gold and other commodities for taxation purposes. Poilievre claims it would help foster “a new, decentralized, bottom-up economy” by creating a more permissive regulatory environment.

In a veiled attack on Trudeau’s administration, the fierce critic called for financial sovereignty in the current system. And reiterated the need for choice and healthy competition.

Poilievre said,

“Choice and competition can give Canadians better money and financial products. Not only that, but it can also let Canadians opt out of inflation with the ability to opt into cryptocurrencies. It’s time for Canadians to take back control of their money and their lives by making Canada the freest country on earth.”

Canada’s Govt. Emergencies Act Gives Power To Freeze Crypto Transactions Unilaterally

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In an effort to put an end to the ongoing trucker protests Canada‘s Prime Minister Justin Trudeau decided to invoke the 1988 Emergencies Act, for the first time in 50 years giving the power to freeze bank accounts and monitor “large and suspicious transactions” including funds used for crypto transactions without inviting any civil liability.

Under the above-mentioned act, crowdfunding platforms and payment services providers that cover crypto exchanges and other crypto financing platforms now must register with the Financial Transactions and Reports Analysis Centre of Canada [FINTRAC].

As per reports, the Tallycoin bitcoin fundraiser had raised more than 20 bitcoin [BTC] which comes close to $1 million for the truckers. The organizers have since shut down the fundraising page, and have asked to “stay tuned” about the next steps.

Interestingly Jesse Powell, CEO of crypto exchange Kraken, was one of 5,000 donors to the HonkHonkHodl crowdfunding page on the Tallycoin platform. The issue escalated after GoFundMe blocked $10 million in donations meant for the Canadian truckers protesting vaccine mandates.

During a press conference, Canada’s Deputy Prime Minister and Minister for Finance, Chrystia Freeland revealed that the government is working to increase the scope of Canada’s anti-money laundering, monitoring, and terrorist financing laws to include crowdfunding platforms and the payment service providers they use.

“These changes cover all forms of transactions, including digital assets such as cryptocurrencies,” she announced during a press conference on Monday night

More about Canada’s rare Emergency Act

The act that was passed in the Canadian parliament back in 1988, also authorizes the federal government to take temporary additional powers in the event of public welfare, public order, international and war emergencies.

Adopted as a direct response to cut off the funding of the ongoing trucker blockades, which the administration alleged have caused major disruption to cities including the capital Ottawa, the act is seeking to counter “illegal” protests over Canada’s COVID-19 restrictions.

At present, blockades across Canadian cities have been reported caused by huge trucks lined up in the nation’s highways as well as major trading corridors with the US. As per Gov. allegations, the blockades are upsetting the supply-chain network which in turn puts a great deal of stress on the economy.