Canada Is Gearing Up to Regulate Cryptocurrency
The main concern for proponents of cryptocurrency is that regulation will be introduced in a way that will stifle innovation in the sector, as Hamel tweeted before the hearing. In China, a major hub for cryptocurrency innovation and infrastructure, the government has begun to ramp up a widespread clampdown on cryptocurrency. For example, last year the government restricted trading on exchanges, pushing market leaders OKCoin and Huobi to launch cryptocurrency-only sites, OKex and Huobi Pro respectively.
Increasing scrutiny may have kicked off an exodus of the mining operations that have thus far dominated the global market. Bitmain, one of the world’s largest Bitcoin mining and hardware firms, has reportedly been in talks with Quebec’s energy regulator, for example.