A group of financial technology firms has formed the Canadian Web3 Council, a non-profit trade association that will work with policymakers to advance Canada’s position at the forefront of the global digital economy. Bringing together exchange platforms, blockchain projects and tech investors, the association will work to advance blockchain-related policies that balance “innovation, consumer protection, and stability”.
The open letter from Web3 Council announcing its launch came out on Tuesday, March 29. At the outset, the association consists of 11 members: Aquanow, Axiom Zen, Chainsafe Systems, Dapper Labs, Ether Capital, ETHGlobal, Figment, Informal Systems, Ledn, Wealthsimple and WonderFi Technologies.
The statement opens with a concern that Canada could miss the boat of Web3, and the Council’s mission is to prevent this from happening:
“Our goal is to create an environment to support the growth of this industry in Canada. […] Our immediate priority is to share our learnings with the Canadian public and advocate the government to devise transparent and effective policy solutions.”
Explaining to Cointelegraph the company’s decision to join the Council, Phil Sham, CEO of Aquanow, highlighted the effectiveness of collective action in educating politicians: “It makes sense to partner with peers to share ideas and coordinate our engagement efforts.” Moreover, it is an important signal of the industry’s maturity and its ability to consolidate its voice, Sham believes: