June 29 (Cointime) - Canadian lawmakers have recognized blockchain, crypto, and mining as innovative industries with significant long-term potential, but in need of better regulation. The Canadian House of Commons Parliamentary Standing Committee on Industry and Technology completed a comprehensive study that examined blockchain and crypto use cases in the country, holding five meetings, hearing 31 witnesses, and receiving six briefs.

The lawmakers have subsequently released 16 recommendations, including the establishment of a national blockchain strategy, the adoption of distinct regulatory approaches to stablecoins and federally regulated crypto custodians, and the investigation of new opportunities for electronic voting and the modernization of democratic institutions.

Coinbase has praised the recommendations as "landmark" and "promising," and commended the government for its willingness to collaborate with the crypto/blockchain industry.