Sean Clark, the CEO of First Block Capital Inc. Gives an Explanation Why Canada is More Blockchain Friendly than the U.S
These days, Canada set the pace as the first government which has ever approved an exclusive Bitcoin mutual fund. That builds upon its reputation as a friendly environment for emerging technologies.
The atmosphere in Canada looks freer and more conducive to innovation in this field, which is based on the numerous developments which the industry experiences even before this time. This is actually a comparison to is a prominent neighbor, the U.S., whose SEC or Securities and Exchange Commission upholds strict measures, while trying to figure out appropriate regulatory systems for the blockchain, as well as the crypto ecosystem.
In one interview, the CEO of First Block Capital Inc. — which is the operator of FBC Bitcoin Trust, as well as the first Bitcoin mutual fund to trade in Canada — named Sean Clark, discussed the underlying factors which make Canada a country which is friendly to new technologies like cryptocurrency. As he said, unrelenting education, political will, as well as open-mindedness, among other factors, make the North American nation an excellent hub for technological innovation.
He said that he thinks in general that the Canadian regulatory bodies understand the potential benefits of the blockchain, as well as a cryptocurrency, and traditionally Canadian regulators were open to technological innovation. This is entirely different from what people get in places like the United States.
The regulators in Canada are more open to conversation
Sean Clark also noted that his company, collaborating with some other experts too, worked directly with the securities regulators and an educational team of Canada for a period six months while also utilizing the discussions as a chance to build relationships. Comparing to this what was obtained in the U.S., particularly with the SEC he thinks that the regulators of Canada seem to be more open to conversation with regards to technological innovations.
Clark identifies the elected leadership of Canada as a critical factor which enables the openness of government to cryptocurrency, as well as some other emerging technologies. He also noted that the Prime Minister of Canada, named Justin Trudeau, embraces blockchain technology. The leadership of Canada also sees the increased isolation of the U.S. of these technologies as a chance to get skilled labor migrated into Canada, to help contribute to the economy.
Clark said that this is what they are seeking to trick down to the regulatory environment, as they are not stone-walling but are instead embracing and wanting to understand the implications of blockchain technology, as well as working with local companies to have the ability to understand and have the asset class flourish.
Another critical factor that Clark mentioned is that the Toronto Stock Exchange or TSX is one of the very few capital markets globally where you can see blockchain and crypto companies publicly listed.
