Now it’s Crypto’s Turn for ‘Legalization’

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Now that Canada has legalized the recreational use of marijuana, Canadian regulators may get back to addressing the compelling changes that crypto and blockchain have brought to our society. Given the parabolic rise in popularity of marijuana and cryptocurrency investments, along with surging valuation arguments and a growth in use and regulation, it is no surprise that millennial investors are drawn to them. However, unlike marijuana, regulated funds that hold cryptocurrencies such as bitcoin are still not directly accessible by Canadians, and having direct ownership of cryptocurrencies still poses a challenge for investors looking to take a stake in the next potential technology rush. Realizing returns in Canadian dollars with cryptocurrencies has become arduous and intensive on crypto exchange operations since many are based overseas, and major Canadian banking institutions still don’t offer custodial services or crypto consumer products of their own.

Unlike the marijuana market, in which over 90 equities are traded on Canadian stock exchanges, real cryptocurrencies are still largely difficult to profit from, as they are difficult to access on bank brokerage platforms and retail trading outlets. “Hopefully we will see that the government will turn their spotlight to bitcoin and other cryptoassets”, said Fred Pye, the President and CEO of 3iQ Corp. “We believe in the foreseeable future cryptocurrencies and the blockchain technology will have positive economic impacts, as marijuana has. We hope millennial investors will focus on the ‘high’ of progressive technologies too.”

2018-10-21T17:49:37-04:00 October 17th, 2018|