McCarthy Tétrault Joins Chamber of Digital Commerce Canada
Toronto, July 11, 2019 — McCarthy Tétrault has joined the Chamber of Digital Commerce Canada (the Chamber Canada), which provides dedicated support for Canada’s emerging and rapidly growing blockchain ecosystem. The Chamber Canada is part of the largest trade association representing the digital asset and blockchain industry. As a member, the firm will work alongside the Chamber Canada to assist policymakers and industry in promoting the acceptance and use of digital assets and the blockchain industry in Canada.
The firm recently assisted the Chamber in developing a policy position and preparing submissions to the Department of Finance Canada in response to a set of draft legislative proposals which, if enacted, would in general terms amend the Excise Tax Act (Canada) (the “ETA”) to treat virtual currency as a financial instrument for purposes of the goods and services and harmonized sales taxes. A team, including tax partner Nicolas Désy, tax associate Justin Shoemaker, and Fintech partner Ana Badour, provided insight to the Chamber on how the proposed amendments would change existing Canadian rules concerning the taxation of virtual currency under the ETA.
“Strong education and advocacy are imperative for both the public and private sectors to fully harness opportunities presented by blockchain and distributed ledger technologies,” said Ana Badour, Co-leader of McCarthy Tétrault’s Fintech Group. “We look forward to working with the Chamber to further support regulatory and legal developments affecting the industry.”
“We are proud to expand our membership with the addition of McCarthy Tétrault and their team of blockchain experts,” said Tanya Woods, managing director, Chamber of Digital Commerce Canada. “It is a privilege to work with one of Canada's most innovative law firms to design and shape the legislation and policy we need for blockchain in Canada to thrive. We are at a critical moment in time and need to foster dialogue between government, regulators, innovators, and other key stakeholders within the space.”
This milestone builds on the firm’s expertise and deep involvement in digital assets and blockchain technologies. In 2018, the firm teamed up with OpenLaw to automate key aspects of the lending process by leveraging smart contract powered loan agreements on the Ethereum blockchain.
About the Chamber of Digital Commerce Canada
The Chamber of Digital Commerce Canada is part of the Chamber of Digital Commerce, the world’s first and largest trade association representing the digital asset and blockchain industry. For more information, please visit digitalchamber.org/canada, and follow us @DigiChamberCDN and @digitalchamber.
About McCarthy Tétrault
McCarthy Tétrault LLP provides a broad range of legal services, advising on large and complex assignments for Canadian and international interests. The firm has substantial presence in Canada’s major commercial centres as well as in New York City and London, UK.
Built on an integrated approach to the practice of law and delivery of innovative client services, the firm brings its legal talent, industry insight and practice experience to help clients achieve the results that are important to them.
– 30 –