Our nation and civilization were founded on the principles of production and construction. Our predecessors and foremothers constructed roads and trains, forms and factories, followed by the computer, microprocessor, smartphone, and uncounted hundreds of other things that we now take for granted, that are all around us, that define our existence and provide for our well-being. There is only one way to honor their heritage and shape the future we want for our own children and grandchildren: build.The fourth essay is Derek Thompson's "A Simple Plan to Solve All of America's Problems".It reduces all of the foregoing to a common-sense, supply-side abundance strategy. On health care, make it simpler to build new hospitals, educate more doctors, and admit foreign doctors as immigrants. On housing, make it easy to create new housing. On transportation, make it easy to create new subway lines, stations, and other infrastructure. On energy and climate change, make it easier to establish new nuclear, geothermal, and solar power plants.You get the motif, which links in nicely with the other three works. We haven't done enough of any of it. We demand a strong and competent state that can streamline approval processes and deregulate where necessary to allow builders to construct The typically volatile cryptocurrency market has seen more downs than ups recently. However, for Canadians interested in Bitcoin and cryptocurrency, which, despite the crash earlier this year, are already a $1 trillion global asset class, purchasing and selling any of these digital assets will be determined by where you live.
Quebecers and British Columbians will have more options.
whilst Ontario people would have fewer. Exchanges such as Binance have learned the hard way, publicly challenging the Ontario Securities Commission over whether they can serve Ontario customers.Binance is registered as a money service business with Canada's FINTRAC, but it must first comply with Ontario's securities laws before it can lawfully accept users in Ontario. This has resulted in millions of Ontarians being blacklisted from Binance and other networks.Many Canadians worry about Quebec's special position in other areas of regulation, but Ontario is the exception when it comes to securities.Canada's decentralized approach allows each province to regulate securities and protect investors independently. The two most important, in terms of population, are the Ontario Securities Commission and Quebec's Autorité des marchés financiers.However, Quebec has an advantage because it signed a 2004 memorandum of understanding between securities authorities that serves as a "passport" for licenses to be accepted in other provinces. Every province and territory has embraced this passport system and is working to promote more harmonized rules throughout the country. All except Ontario.Though the Ontario regulator is quite busy, it has thus far avoided collaborating with other provinces.
In 2020, the Canadian Securities Administrators.
the umbrella group of other provinces' securities regulators, reprimanded Ontario for failing to include the passport regulation in its well praised taskforce to modernize capital markets.These patchwork licenses and exemptions, along with the lack of any meaningful cryptocurrency rules at the federal level, force Canadians who wish to utilize these services to employ inventive — if not strictly unlawful — methods of circumventing prohibitions.Using FTX, the world's second-largest cryptocurrency exchange, is not permitted. However, if you launch a Virtual Private Network (VPN) and connect to a U.S. IP address, you can easily log on, enter some information, and start trading.While FTX is registered with the federal government through FINTRAC, it does not have the appropriate license to provide services to people of Ontario. Recent purchases by FTX and other companies could change that, but only if the OSC approves the new license.Given that hundreds of other unscrupulous offshore cryptocurrency exchanges are all too willing to welcome Canadians without following financial regulations or disclosures, this system is clearly dysfunctional and dangerous. Without wise rules, enterprises and consumers have no other options, leaving them in a world of suffering.
Dozens of liquidations and so-called.
rug pulls" are cascading in the present bad market, jeopardizing millions of Canadian investments. This includes Quebec's main pension fund, which invested $400 million in Celsius Network, a cryptocurrency lending and staking platform on the verge of insolvency and default.We already know that, despite its richness and freedom, Canada lacks interprovincial free trade, as evidenced by political campaigns and regular Supreme Court decisions. It's no different with cryptocurrency regulations.While we wait for provincial trade restrictions to be lifted, there is something we can do to provide greater clarity and protection for Canadians interested in participating in the crypto economy.Given the billions of dollars at stake for both institutions and Canadian investors in the cryptocurrency arena, there is currently no clear regulatory oversight or remedies other than those applied to banks. Current Capital Adequacy Requirements for Canadian banks can range up to 8% depending on the institution and assets, typically due to risk exposure. This is a sophisticated and complicated method that keeps the number of banks in Canada relatively low in comparison to other industrialized and financialized countries.While it may appear appealing to automatically incorporate cryptocurrency projects and protocols into Canadian banking rules and standards, we realize that virtual currencies differ from regular investments and should thus have their own set of rules.As previously advocated, disclosures, fraud protections, and legal certainty are fundamental aspects that would be extremely advantageous to Canadian crypto customers. But what can we do today?
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