Cryptocurrencies are today taking their place on the world stage as the fastest growing class asset. The World Economic Forum predicts that by 2025, a tenth of the global economy will exist on the blockchain.
The current market value of cryptocurrencies stands at about $2 trillion, more than all the US Dollars in circulation. In Canada, cryptos are seen as a niche for the select few technologically enlightened.
However, that idea is slowly fading as crypto becomes mainstream. Institutions like Goldman Sachs, Citigroup, and Morgan Stanley have already adopted crypto in response to investors’ demands.
Canada has also adopted the crypto trend by authorizing the crypto Exchange Traded Fund (ETF) that has already amassed billion dollars in the first two months of trading.
Currently, governments around the world are responding to pandemics but still facing other challenges, including an increase in public spending, inflation, and a decline of buying power by fiat currencies.
Canadian regulators have done an amazing job by addressing the challenges of blockchain and crypto with legal frameworks. Most notable is the ongoing registration of some 600 crypto exchanges in Canada.
Still, more needs to be done both at the federal and provincial levels to ensure that crypto assets are established as Canadian crypto custodian to ensure that participants are protected.
Today, crypto remains speculative and risky to the Canadian economy, and investors may lose their assets if regulation does not keep pace with technology.
Canada can lead the world as a country by embracing blockchain technology and at the same time ensuring that investors and customers are protected.
Brane is a Canadian fintech company founded in 2017 in Ottawa. The firm keeps crypto safe for the financial institution, government agencies as well as individual Canadians.
Most Canadian investors, institutions, and individuals rely on US companies for custody of their underlying digital assets. The risk of storing cryptos in a foreign entity isn’t good for Canadians.
Brane is a licensed financial institution that offers technology and risk management solutions and expertise in blockchain technology that will keep your crypto safe.