Join us for a day of insightful discussions, knowledge-sharing, and charting a path forward in the realm of digital assets and blockchain regulation in Canada. This day-long conference will culminate with an evening reception, providing an opportunity to network and unwind after a day of engaging discussions and insightful sessions.
In the early days, digital (crypto) asset mining was an informal pursuit, undertaken mostly by enthusiasts working on unspecialized computer hardware and excited by the potential of this new blockchain technology. Today the shape and scale of global digital asset mining activity has been transformed. This rapidly emerging high-performance computing sector in Canada today has an estimated market capitalization of more than $2 billion and growing. $1.5 billion has been invested in Canadian rural and resource communities since 2019. By next year (2025), subject to certain public policy developments, that direct investment could increase to more than $4 billion. Access to clean power and fair taxation remain the strongest headwinds holding the sector back.
This session will explore the state of the rapidly evolving digital (crypto) asset mining industry in Canada, where it is today and what companies are doing to manage policy challenges and grow their businesses for success.
In February 2022, the federal Department of Finance announced its plans to “clarify” the tax treatment of all “cryptoasset mining activities” for GST purposes. In short, mining for bitcoin and other crypto assets would be treated as though they were “non-commercial”. That means mining companies engaged in this sector would be denied access to credits for the taxes they paid on their business inputs (input tax credits or ITCs). These are tax credits to which almost every other business in Canada is entitled. For the digital asset mining companies this would mean $10s of millions of dollars in unanticipated cost on their operations. Today, the estimate of outstanding ITC claims from mining companies is more than $150 million. The potential impacts of these tax changes represent an existential threat to the sustainability and future growth of the digital asset mining industry in Canada.
In this session we will learn about the status of these tax changes, how the federal government has responded to direct advocacy from industry and other interested stakeholders.
As the federal government moves toward an election year in 2025, the role of government - in managing the economy, engaging with stakeholders, enacting laws and regulations, and implementing new policy - can take on heightened urgency and pronounced partisan spin. Industries can sometimes struggle to be heard and understood in a political environment where federal political parties focus on raising money and positioning their leaders and members to succeed at the ballot box. These factors are especially true for companies and organizations in emerging sectors like the digital assets and blockchain.
In this session, we will hear from former, senior federal public office holders on the dynamics and challenges facing stakeholders in the Canadian digital asset and blockchain ecosystem of be heard and understood by a minority government heading into a federal election year. We will hear about important considerations related to election law, lobbying law and compliance for those in an industry that has been hampered by a level of public and political skepticism, if not (at times) hostility. And we will learn about options and approaches for post-election federal advocacy and engagement, based on some realistic assessments of the ‘art-of-the-possible’ and some ‘hopeful’ perspectives on the positive role Canadian governments can play in promoting growth and innovation in the digital asset and blockchain sector.
The intersection of securities law and the rapidly expanding digital asset ecosystem poses a myriad of legal hurdles that demand attention and resolution. This panel delves into the complexities surrounding the regulation of digital assets, exploring critical issues such as the classification of these assets as securities, the jurisdictional puzzles faced by regulators, and the urgent need for effective compliance mechanisms to safeguard investors. Join us as we navigate through the intricate legal landscape, examining the ongoing dialogue between regulatory bodies, industry players, and legal experts. The goal is to uncover insights that contribute to the development of a robust and adaptable regulatory framework, striking a balance between fostering innovation and ensuring investor protection within the dynamic realm of digital assets.
Looking into the Crystal Ball: The Future of Digital (Crypto) Assets, the Rapidly Evolving Global Blockchain Ecosystem, and Canada's Place in It" invites participants into a forward-looking discussion encompassing the dynamic landscape of digital assets, blockchain technology, and Canada's noteworthy contributions to this transformative arena. The panel delves into the future trajectory of crypto assets, scrutinizing their potential impact on global finance, technology, and societal structures. Further exploration of the ever-evolving global blockchain ecosystem sheds light on anticipated innovations and challenges. Focusing on Canada, the conversation navigates the country's pivotal role in advancing blockchain technology, shaping regulatory frameworks, and fostering technological innovations. Attendees are encouraged to join the exploration of how Canada can strategically position itself for continued leadership in the digital asset realm, offering valuable insights into the nation's potential contributions and developments. This comprehensive discussion aims to provide attendees with a well-rounded perspective on the future of digital assets, the global blockchain evolution, and Canada's influential role within this dynamic and disruptive landscape.
What is the future role and importance of digital assets and the blockchain ecosystem? How will these interact and integrate with the traditional economy and established financial services and systems, including government backed fiat currencies?
