Will Canada Lead on Digital Assets?

With Canada’s federal election less than one week away, Canadians are closely watching how political leaders intend to address digital assets. Millions of Canadians hold, use, or work in crypto, making it a growing focal point for economic growth and innovation. This politically prominent and growing community is shaping conversations about the future of finance, with voters signaling cautious openness, not to ban or ignore crypto, but to responsibly integrate it into Canada’s financial system with clear protections, accountability, and forward-looking policy.

Dean Skurka is a speaker at Consensus 2025, in Toronto May 15, appearing with Kevin O’Leary on Mainstage.

Canada’s leadership in digital assets isn’t theoretical. It has evolved through first-of-its-kind milestones, homegrown innovation, and meaningful regulatory advancements, including:

• Canada installed the world’s first Bitcoin ATM in Toronto in 2013;
• Ethereum, co-founded by Canadian Vitalik Buterin, began in Canada in 2015;
• Vancouver’s Dapper Labs introduced groundbreaking NFT platforms like NBA Top Shot, which launched in 2020;
• The Ontario Securities Commission and Canadian Securities Administration introduced a novel regulatory framework for crypto trading platforms in 2021; and
• Regulatory initiatives such as Alberta’s fintech sandbox and blockchain innovation hubs actively support industry growth, which launched around 2022.

The pro-crypto voter base is large, diverse, informed, and engaged. According to a survey bu Nanos Research for the Canadian Web3 Council:

• Younger Canadians and those with direct investment experience tend to view crypto favourably, indicating a generational and experiential shift in sentiment.
• 60% of Canadians surveyed support the federal government working with industry experts to develop cryptocurrency regulations and protect public interest. Only about one in five surveyed were opposed.
• 48% of Canadians say the government should implement a strategy for a “more accessible, inclusive, and effective financial ecosystem” that includes digital assets.

This engaged voter base, the majority being under 50, represents a significant political force. The election and subsequent administration offer policymakers a chance to support voters’ eagerness for clarity around Canada’s digital future.

In 2022, the (pro-crypto) Conservative leader Pierre Poilievre made headlines for advocating financial freedom through Bitcoin and decentralized finance, calling for less control from politicians and bankers and more power in the hands of individuals. He said he wanted to make Canada “the blockchain capital of the world,” allowing people to “opt out” of inflation by using cryptocurrencies like Bitcoin.

Read more: Nik De – Previewing the Canadian Election’s Crypto Angle

By contrast, former Bank of Canada Governor Mark Carney, representing the Liberal Party, while supportive of digital innovation, remains skeptical of the idea that cryptocurrencies like stablecoins will fundamentally reshape the monetary system. He has argued that central bank digital currencies (CBDCs) would be a safer, more stable foundation for digital money.

“Stablecoins are ultimately only an appendage to the conventional monetary system and not a game changer. CBDCs would reduce the risks of digital money and form the foundation of a more stable, programmable financial future,” he wrote in 2021.

Meanwhile, NDP leader Jagmeet Singh has openly criticized crypto’s volatility, citing the financial losses suffered by Canadians who bought into digital assets as a hedge against inflation.

“We have a leader of the opposition who thinks he can magically opt out of inflation by buying cryptocurrency, which ended up tanking and hurting people,” he said in 2022.

The successful candidate from this upcoming election has a chance to translate these varied views into coherent platform frameworks and enhance Canada’s position as a forward-thinking and tech-driven economy.

The European Union has implemented the Markets in Crypto-Assets (MiCA) framework, offering clear crypto regulations.

The U.S. is playing catchup following the election of Donald Trump last November. The U.S. House Financial Services Committee has advanced the “Stable Act of 2025,” a significant step toward establishing a federal regulatory framework for stablecoins. And bipartisan efforts like the Virtual Currency Tax Fairness Act propose to exempt small crypto transactions under $200 from capital gains taxes. Congressional leaders are now working on a comprehensive “market structure” bill for crypto and regulators are open-minded about working with companies to adapt existing laws to modern needs.

Canada is well-positioned to do the same. With the right policies, we can continue to attract leading talent, keep homegrown companies here, and strengthen our global voice in Web3.

The choice is ours.

Clarity on digital asset policy will affect how Canadians save, invest, and transact; whether new jobs and industries are built here or abroad; and whether our country will lead or follow in a rapidly emerging digital sector.

Digital assets offer tangible benefits like faster, cheaper remittances for newcomers supporting families overseas, more accessible financial tools for underserved communities, and diversified investment alternatives in times of economic uncertainty. Beyond personal finance, blockchain technology has real potential to modernize Canada’s financial infrastructure, enhance anti-fraud efforts, and improve transparency in sectors like supply chain management and government services.

The Canadian Web3 Council has called for integrating blockchain into Canada’s broader innovation strategy, urging federal support for talent development, funding, and the creation of a national blockchain strategy. They advocate for clear frameworks around decentralized finance (DeFi), stablecoin regulation, and for Canada to take a leadership role in global digital asset policy conversations.

The responsibility of highlighting crypto’s importance largely falls on the industry itself. Initiatives like Stand with Crypto Canada (a national advocacy campaign supported by WonderFi and nine other major companies) are actively educating voters and policymakers about the economic benefits of clear crypto regulation.

Similarly, Blockchain North’s Voices for Canadian Crypto campaign, featuring prominent thought leaders, is helping unify industry voices, emphasizing the need for proactive policy conversations with leaders.

We have talent. We have the infrastructure. And we have momentum.

Now, we need leaders who see crypto not as a passing trend, but as a powerful opportunity to fuel Canada’s economy and empower a new generation of builders, investors, and innovators.

The digital economy is here. The only question is: will Canada lead?