Canada reports that Blockchain is among its most profitable industries

A report recently released by the Canadian Digital Chamber of Commerce shows that the money involved in the national blockchain industry is at an all-time high. The report was produced using information provided by over 150 cryptocurrency and blockchain companies. Information was also used by the Canadian government. Together with Accenture, the Blockchain Research Institute (BRI) has conducted research and studies, which helped to compose this report.

What legal clarity does the report mention?

The report stating that Blockchain is a top-notch sector for Canada, also shows various industry strengths and legal requirements. The report provides a detailed and in-depth perspective of Canada's blockchain ecosystem.

It clearly mentions that the Blockchain sector and the fact that there is no government commitment to move into this ingenious sector. Furthermore, it also states that this can only be done by facilitating greater legal clarity.

The BRI (Bank for International Settlements) president, Don Tapscott, discussed the same lines. He believes the sector is multifaceted and growing in the nation. However, there are a number of challenges related to financing, business-related services and unstable regulatory frameworks. Furthermore, the lack of sufficient public education together with minimal cooperation from the spheres of control and banking is another important issue to be addressed. According to the report, Canada should be well placed to become a pioneer in the sector. But the government must first face all these problems to continue in the right direction.

Sector pay in Canada

One of the biggest positives of the report is that people working in the industry are receiving rewards for their efforts and research. The average remuneration for a blockchain professional in Canada is over 98.000 Canadian dollars per year. This makes the industry among those who pay the most in the country.

Tanya Wood, Managing Director of Chambers of Digital Commerce Canada, believes that the nation's talent and ecosystem are supreme. In addition, sector growth policies can help make Canada the forerunner of Blockchain worldwide. There are huge opportunities for anyone interested in growing professionally in the blockchain industry.

What does the tax department of Bitcoin think in Canada

The cryptocurrency industry is also at its peak in Canada. According to the Bank of Canada, around 5% of Canadians own Bitcoin. The Canadian government's strategies and policies, as well as the nation's companies, promote the enhancement of the Blockchain. With minor improvements in government law and regulatory environment, Canada can easily become a precursor and change the landscape globally.

Canada has low energy costs, high-speed Internet services and favorable regulations. Blockchain mining is something that consumes a great deal of electricity. Therefore, low energy costs in Canada can be of great help in this respect. The climate in Canada is also an advantage as extraction causes overheating. Therefore, a cold climate can help.