Bitcoin mutual fund CEO Sean Clark recently spoke about blockchain-friendly in Canada while comparing it with the U.S. The CEO of First Block Capital Inc. — the operator of FBC Bitcoin Trust, the first bitcoin mutual fund to trade in Canada shared the factors that he thinks that make Canada a blockchain-friendly a country.
According to Clark, the reason is unrelenting education, political will, and open-mindedness making the country an ideal hub for such technological innovation, CCN reported. He said, “I think in general, the Canadian regulatory bodies understand the potential benefits of blockchain and cryptocurrency, and traditionally Canadian regulators have been open to technological innovation. That is different from what you get in places like the US.”
Clark, while explaining mentioned that his company, in collaboration with some other experts worked with the Canadian securities regulators directly and educated them for almost six months. The discussions acted as an opportunity for them to build relationships. When compared to the United States, especially the SEC, Clark believes Canadian regulators are more open to dialogue when it comes to technological innovations.
Clark believes one of the major reasons behind the openness is the elected leadership of Canada. He stated that Canadian Prime Minister Justin Trudeau embraces blockchain technology and also the Canadian leadership takes the increased isolation of the United States towards these technologies as an opportunity to get skilled labor migrated to Canada. And, it will contribute to the economy.
Clark stated “This is what we’re seeing trickling down to the regulatory environment”, he said, “as they are not stone-walling but rather embracing and wanting to understand the implications of blockchain technology and working with local companies to be able to understand and have the asset class flourish.”
Another major factor that Clark shared is that the Toronto Stock Exchange (TSX) is one of the very few capital markets globally where blockchain and cryptocurrency companies are publicly listed.