A team of financial technology companies has structured the Canadian Web3 Council – known to be a non-profit trade organization that will operate with policymakers to elevate the status of Canada to lead the worldwide digital economy. By joining the exchange forums, tech investors, and blockchain projects, the organization will endeavour to take blockchain-related policies to the next level by keeping balanced stability, customer protection, as well as innovation.

Web3 Council issued the open letter on 29th March. At the start, there are 11 participants in the association including WonderFi Technologies, Wealthsimple, Ledn, Informal Systems, Figment, ETHGlobal, Ether Capital, Dapper Labs, Chainsafe Systems, Axiom Zen, and Aquanow. The declaration commences with an apprehension that the Web3 boat could be missed out by Canada, and the mission of the Council is not to let that happen.

As per the Council, the target thereof is to make an environment to assist the enhancement of the respective industry across Canada and the instant preference in this respect would be to share the learnings thereof with the public of Canada as well as persuade the authorities of the country to develop efficient and transparent policy solutions. Elaborating on the platform’s decision to be a part of the Council, Aquanow’s CEO – Phil Sham – pointed toward the significance of a mutual action to spread awareness among politicians.

He added that it is quite logical to collaborate with members to provide their thoughts and take benefit from the engagement efforts of each other. Apart from this, it is a vital indication of the maturity of the industry as well as the potential thereof to unite its voice, as Sham puts it. In his words, it is often witnessed that when people move toward blockchains or digital assets there is an idea of greed regarding the token prices.

Nonetheless, the industry – often known to dominate competitive trajectories – can probably entertain the common masses on a collective basis. ChainSafe Systems’ COO and co-founder, Hatcher Lipton, has also spoken about the implication of an industry-led endeavor. According to him, chances exist to construct a community-led policy to push Canada to the leading position in the Web3 movement.

Quoting the instances of Switzerland and the EU, which in advance have their comprehensive crypto plans, the statement of the organization recommends the development of a regulatory agenda in Canada to provide a broad national strategy.