Canadian Web3 Council

Today, we launched the Canadian Web3 Council with the goal of advocating for the building of a robust, equitable, and sustainable national strategy for growing Web3 in Canada ???? We represent organisations that have made a critical impact on the development of Web3 technologies across the globe, and who are committed to responsibly building and innovating in Canada. Our membership is diverse, ranging from financial products and exchange platforms to investors, and open-source blockchain projects. They include Aquanow Axiom Zen ChainSafe Systems Dapper Labs Ether Capital ETHGlobal Figment Informal Systems Ledn Wealthsimple WonderFi The association is actively recruiting members to help define Canada’s national Web3 strategy. For more information about the Canadian Web3 Council, see our launch announcement at web3canada.ca/gm/

Canada cannot afford to miss out on the benefits of stablecoins????? Stablecoins—digital currencies backed by traditional assets like the Canadian dollar—can make transactions faster, cheaper, and more efficient, modernizing our financial infrastructure and enhancing economic resilience. While the EU, Singapore, and the US push forward with clear regulatory frameworks, Canada risks falling behind, losing economic influence and increasing reliance on USD-pegged alternatives. To remain competitive and maintain the strength of the Canadian dollar in global markets, we need a clear, federal framework that recognizes CAD-backed stablecoins as digital payment instruments, not securities. ?? ?Thank you to Som Seif, Founder of Purpose Unlimited, for putting this critical issue on the agenda, and to all the signatories supporting this initiative, especially the leaders from Canadian Web3 Council member organizations: ? Lucas Matheson, MBA, CFA – CEO, Coinbase Canada ? Jean Amiouny- CEO, Shakepay ? Eric Richmond – General Counsel, Shakepay & Co-Founder, Tetra Trust Company ? Liam Horne – CEO, ETHGlobal Let’s make sure Canada leads in digital finance—not lags behind.?

A new report from Chainalysis highlights how cryptocurrencies are being used across the fentanyl supply chain, from precursor sales to laundering proceeds. However, blockchain technology is also proving to be a powerful asset in the fight against this crisis, enabling investigators to trace financial flows and disrupt criminal networks in ways that weren’t possible with cash. From China-based chemical suppliers to North American trafficking networks, blockchain analytics are surfacing critical insights to support public safety efforts. As analytical tools become more sophisticated, law enforcement and regulators are increasingly able to follow the money and take action, underscoring the value of blockchain’s built-in transparency. ? Read the full Chainalysis report:? https://lnkd.in/eerz3cuQ

Canadians pay over $7B in bank fees yearly ?? — mainly because the biggest banks dominate the competition and benefit from the status quo. Competition’s the fix: lower costs, better tools, more wealth in your pocket. Every other G7 country gets this—Canada’s the odd one out. At Shakepay, we’re proving it works: ?? Since 2018, we’ve made bitcoin simple and secure, giving Canadians a new way to grow wealth. ?? Our no-fee bitcoin trading has pushed others to rethink their models. ?? We have embedded bitcoin into traditional payment products, meaning that you can earn bitcoin with everyday purchases or by depositing your pay cheque. But in order to do more for our customers, major updates need to be made to Canada’s financial system. Three moves for policymakers: ? Support stablecoins for cheaper, faster payments?? ? Allow direct access to Bitcoin in Canadians’ tax-advantaged savings accounts ? Include crypto and investment accounts in Canada’s open banking regime Canada’s financial future hinges on open banking, stablecoins, and Bitcoin-friendly policies—key innovations that align with Shakepay’s mission to empower Canadians to build wealth on their terms. For Shakepay, open banking is a chance to deepen our offerings. Imagine seamlessly syncing your Shakepay account with banking services—think wealth-building products that blend Bitcoin, stablecoins, and traditional finance. Picture using stablecoins for fast, low-cost payments while keeping full control over your data and financial future. Bitcoin meeting everyday finance without the friction. We wrote more about the benefits of open banking in a recent blog post (https://lnkd.in/ge2GMmgv). ? We’re not just watching this unfold—we’re advocating for it. This isn’t about politics; it’s about unlocking real value for Canadians. As we push toward 2026, we’ll keep fighting for a system that modernizes payments, expands investment opportunities, and puts financial freedom back in your hands. Is Canada ready for change?

Toronto will take centre stage in the global Web3 conversation as Consensus 2025 brings leading voices in blockchain to the city May 14–16. The speaker lineup features WonderFi CEO Dean Skurka and Coinbase Canada CEO Lucas Matheson, MBA, CFA, alongside global leaders from PayPal, Chainlink, BitGo, and more. https://lnkd.in/eG4QTfti

The Canadian Web3 Council recently submitted its 2025 Pre-Budget recommendations to the Department of Finance, outlining a path to modernize Canada’s financial system through responsible Web3 innovation. Our recommendations aim to strengthen Canada's digital economy, foster responsible growth, and ensure Canadians are not left behind: ?? Regulate fiat-backed stablecoins as digital payment systems ?? Expand open banking to include digital assets ?? Ensure fair access to banking for lawful Web3 businesses ?? Allow digital assets like Bitcoin and Ethereum in RRSPs and TFSAs ?? Extend investor protection (CIPF) to crypto assets ?? Support growth of domestic digital asset custody infrastructure ?? Enhance collaboration to prevent illicit activity and financial crime ?? Establish a national regulatory taxonomy for digital assets With the right policy approach, we can unlock innovation, protect consumers, and position Canada as a global leader in digital finance. Read the full blog post: https://lnkd.in/er9nHYpM

Canada’s new Prime Minister-designate, Mark Carney, brings a well-known skepticism toward cryptocurrencies, but also an interest in positioning the country as a leader in emerging technologies ???? ? As Bank of England Governor in 2018, he criticized Bitcoin as a “poor store of value” and said cryptocurrencies were failing in their role as money. ? He has raised concerns about private stablecoins, calling for regulation equivalent to commercial bank money—including liquidity requirements and depositor protections. ? He has supported the development of a central bank digital currency (CBDC) to reduce payment system fragmentation and improve financial efficiency. ? Despite his critiques, Carney has emphasized that regulation should not stifle innovation and acknowledged the potential of underlying blockchain technologies. While Carney’s views have drawn attention in the crypto space, digital assets remain a secondary issue for most voters. As our Executive Director Morva R. told Cointelegraph: “The reality is that most Canadians are either indifferent or skeptical about crypto, and larger issues like the affordability crisis, housing, inflation and immigration dominate the political conversation.” https://lnkd.in/e7gPDXAq

Our Executive Director, Morva R., will be speaking at the 7th Annual Blockchain Futurist Conference ?? ?? May 13, 2025 ?? Toronto, Canada Morva will join industry leaders to discuss how Web3 can modernize Canada’s financial system and the importance of policies that promote innovation, competition, and resilience.

Canada’s crypto policy is at a crossroads: Will we build on our early leadership or fall behind? ???? While the U.S. and EU advanced clear regulatory frameworks in 2024, Canada imposed new restrictions, limited product innovation, and continued to treat stablecoins as securities, leaving the industry with fewer growth pathways. This analysis from Lori Stein and Mitch Spragg lays out where Canada is falling behind—and where there’s still potential for progress. As we’ve emphasized, meaningful consultation and a modernized policy approach are critical to ensure Canada remains a competitive place to build. Read more on McCarthy Tétrault's blog: https://lnkd.in/eeKmiv-r

March is Fraud Prevention Month, a time to raise awareness about financial scams, including those in the crypto space. In 2024, illicit crypto transactions totaled $40.9 billion, with criminals using increasingly sophisticated methods to move and launder funds. ?? Key trends: ? Crypto crime is becoming more professionalized, with organized networks facilitating fraud at scale. ? North Korean hackers stole a record $1.34 billion from crypto platforms. ? Stablecoins now account for 63% of illicit transactions, replacing Bitcoin as the preferred tool for bad actors. ? AI-driven scams, pig butchering, and crypto ATM fraud are on the rise. Read the full Chainalysis Crypto Crime Report: https://lnkd.in/d7aTreMB