The recent Canadian election has left crypto entrepreneurs uncertain about what lies ahead. With the Liberal Party under Prime Minister Mark Carney taking control, pro-crypto policies backed by the Conservatives may stall or be rolled back entirely.
Conservative Vision for a Crypto-Friendly Canada
Pierre Poilievre, leader of the Conservative Party, has long championed the idea of crypto as a hedge against inflation and a decentralized alternative to central banking. He proposed classifying digital assets as commodities, not securities, to make Canada a global blockchain hub.
In 2022, MP Michelle Rempel Garner’s Bill C-249 sought to open regulatory dialogue between crypto builders and the Ministry of Finance. Despite strong industry support, the bill was defeated during its second reading, reflecting Canada’s continued regulatory caution.
Liberal Pushback and Political Fallout
Former Finance Minister Chrystia Freeland criticized the Conservatives for urging Canadians to invest in crypto during a market peak, calling it “reckless advice” after prices crashed in 2022. Prime Minister Carney, with his background at the Bank of Canada and Bank of England, shares similar doubts. He’s openly criticized Bitcoin’s volatility and inefficiency as a medium of exchange.
The Liberals prefer centralized solutions like CBDCs, viewing them as more stable and regulatory-friendly. This aligns with the European approach and contrasts with the U.S., where the Trump administration halted CBDC efforts over privacy concerns.
A Divided Electorate, a Clear Message
Young voters tilted Conservative, drawn to innovation and economic reform. But older Canadians, alarmed by Donald Trump’s remarks about making Canada the “51st state,” rallied behind the Liberals, handing them a surprising win.
Now, with the Liberals in power, the path forward for crypto in Canada appears rocky. Unless significant bipartisan momentum builds, the regulatory environment is likely to remain conservative — in the traditional sense — for the foreseeable future.
