Aurora Cannabis Inc. led gains among Canadian cannabis stocks on Wednesday after an industry executive was named president of the Cannabis Council of Canada trade group.
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Canadian quantum computing firm Photonic has emerged from stealth to raise $100 million for its all-silicon quantum computing platform. Among the investors is new partner Microsoft, which will co-develop quantum networking solutions with the startup.
The investment and partnership come as numerous experts in the industry laud Photonic’s novel approach to quantum computing as a “breakthrough” for the field.
We’re joining forces with @TeamPhotonic to enable future quantum networking over long distances—and to integrate Photonic’s scalable quantum computing offering into Azure Quantum Elements. Learn more: #AzureQuantum
— Azure Quantum (@MSFTQuantum) November 9, 2023
Photonic’s technique involves building quantum computers using silicon spin qubits with a spin-photon interface — in other words, a computer that uses qubits made of light to perform quantum computations on silicon hardware.
Related: IBM, Microsoft, others form post-quantum cryptography coalition
In quantum computing, a qubit is analogous to a binary computer’s bits. However, while a binary, or classical, computer can only perform calculations using ones and zeros, a qubit can tap into exotic features of quantum physics called “superposition” and “entanglement.” These quantum states allow qubits to compute in a way that would resemble a binary bit being able to use ones, zeros, ones and zeros, neither ones nor zeros, and other even less intuitive combinations.
A spin qubit takes things a step further by adding electron spin. And by developing a qubit with a photonic spin interface in an all-silicon hardware solution, Photonic believes it has found the missing piece of the puzzle when it comes to quantum computing.
Stephanie Simmons, founder and chief quantum officer of Photonic, said the company expects to bring a fault-tolerant, fully functional quantum networking system to market as early as within the next five years.
Per Simmons, the partnership with Microsoft will help to facilitate that timeline:
“We’re incredibly excited to be partnering with Microsoft to bring forth these new quantum capabilities. Their extensive global infrastructure, proven platforms, and the remarkable scale of the Azure cloud make them the ideal partner to unleash the transformative potential of quantum computing and accelerate innovation across the quantum computing ecosystem.”
The reason behind the decision to leave the Canadian market was not revealed by Bitstamp. Notably, the exchange follows Binance, OKX, and Bybit which announced their exit from Canada earlier.
Luxembourg-based crypto exchange Bitstamp is planning to stop providing services in the Canadian market in January 2024. The deadline for withdrawing customers’ funds is January 8. Afterward, Bitstamp will deactivate Canadian users’ accounts.
The announcement was shared by Bobby Zagotta, Bitstamp’s US CEO and Global Chief Commercial Officer:
“After initially informing our valued customers in March, Bitstamp will officially discontinue its services to customers in Canada starting Jan. 8, 2024. As a result, all Canada accounts will be closed and customers will no longer have access to their accounts.”
“This is not a decision we took lightly, and we thank our Canadian customers for their loyalty over the years. We hope to be able to serve Canada again at some point in the future,” added he.
Previously, Bitstamp also shed its Ethereum (ETH) staking service for United States customers due to regulatory constraints. In particular, the United States Securities and Exchange Commission (SEC) has long been on a warpath against staking, saying it meets the criteria of investment contracts under the Howey Test. The latter acts as a litmus test to ascertain whether a transaction or investment meets the definition of a security. Consequently, investments falling into the securities category are subject to specific regulatory guidelines. This becomes particularly relevant given that many cryptocurrencies remain unregistered as securities.
Canada Tightening Crypto Trading Regulation
The reason behind the decision to leave the Canadian market was not revealed by Bitstamp. Notably, the exchange follows Binance, OKX, and Bybit which announced their exit from Canada earlier. Crypto firms Paxos, Blockchain.com and Deribit announced their departures as well. All of them stopped operating in Canada several weeks after the country revealed new crypto company guidance. To continue operations, the Canadian authorities mandated crypto trading platforms to secure Canadian Securities Administrators (CSA) approval.
The new regulatory guidance proposed by the authorities claims that the CTPs in Canada should be a part of the new version of preregistration undertaking (PRUs), which are legally binding manuscripts. Principal regulators will then reach out to these CTPs to discuss compliance with the new requirements.
In addition, the Crypto asset trading platforms were forbidden from allowing clients to trade and deposit stablecoins, or any other type of “Value Referenced Crypto Assets” (VRCAs), without the CSA’s prior written authorization.
When leaving, Binance commented:
“Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time.”
“While our platform will no longer support Canadian customers in the immediate term, we will reassess our presence in this region in partnership with our clients’ evolving needs,” wrote Paxos.
Meanwhile, Canadian authorities were explaining their decision by the need for protection when trading securities or derivatives, as well as principles of fairness, efficiency, and innovation in the markets.
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Darya is a crypto enthusiast who strongly believes in the future of blockchain. Being a hospitality professional, she is interested in finding the ways blockchain can change different industries and bring our life to a different level.
Unifor worker Rob Nimigon holds a flag at a picket line outside an entrance to the GM’s Oshawa assembly complex, where the company’s profitable Chevrolet Silverado trucks are built, after 4,300 unionized workers went on strike at three General Motors plants, including Oshawa, Ontario, Canada October 10, 2023.
Arlyn Mcadorey | Reuters
DETROIT — General Motors has reached a tentative agreement for nearly 4,300 Canadian autoworkers after the union representing those workers called a national strike early Tuesday.
Canadian union Unifor said Tuesday afternoon the “strike actions are on hold to allow the membership to vote on the tentative agreement.” A majority of workers must vote in support of the pact for ratification.
Unifor initiated a national strike after the sides failed to reach a deal by an 11:59 p.m. Monday deadline. The strike briefly affected an assembly plant that produces light- and heavy-duty Chevrolet Silverado trucks; production of some V6 and V8 engines used in a variety of vehicles such as the Chevrolet Equinox and GM’s full-size SUVs; a stamping facility; and a parts distribution center.
“When faced with the shutdown of these key facilities General Motors had no choice but to get serious at the table and agree to the pattern,” Unifor President Lana Payne said in a release.
The Canadian engine plant marked a major concern for the automaker, which also is facing U.S. strikes by the United Auto Workers union. The facility produces engines for highly profitable full-size pickup trucks and SUVS, among other vehicles.
GM, in a statement, confirmed the “record” tentative agreement: “This record agreement, subject to member ratification, recognizes the many contributions of our represented team members with significant increases in wages, benefits and job security while building on GM’s historic investments in Canadian manufacturing.”
Unifor said the tentative deal with GM follows a ratified agreement reached last month with Ford Motor. The agreement, which covers more than 5,600 workers at Ford facilities in Canada, was ratified by 54% of workers who voted.
Lana Payne celebrates on stage as Unifor, Canada’s largest private sector union, announce Lana Payne as their new president to replace outgoing leader Jerry Dias in Toronto, Ontario, Canada August 10, 2022.
Cole Burston | Reuters
The union said the three-year GM deal — like the agreement with Ford — includes hourly wage increases of up to 25%, reactivation of a cost-of-living allowance to battle inflation and a shorter progression for workers to reach top pay, among other new or altered benefits.
Prior to Tuesday, GM and Unifor had been at odds over making temporary workers permanent employees, pension funding and other demands. Payne said all temp workers will become permanent employees by the end of the three-year deal.
“All members will benefit now that the pattern is in place at GM, whether they’re temporary workers, new hires, or already at the top of the pay scale,” said Unifor GM master bargaining chair Jason Gale. “This agreement delivers the kind of historic pay increases our members need and significant pension improvements that will protect their living standards in retirement.”
GM declined to discuss details of the agreement prior to the union ratification vote. If ratified, Unifor will move onto negotiations with Chrysler-parent Stellantis, which has the largest footprint of the Detroit automakers in Ontario, Canada.
“I expect Stellantis will come here kicking and screaming the same way General Motors did,” Payne said Tuesday during a news conference.
Unifor, which represents 18,000 Canadian workers at the Detroit automakers, took a more traditional approach to its negotiations than its U.S. counterpart. The Canadian union is negotiating with each automaker separately, using one deal as a “pattern” for each company.
That traditional patterned-bargaining approach runs counter to the UAW’s new strategy of bargaining with all three automakers at once.
The UAW has been gradually increasing the strikes since the work stoppages began after the sides failed to reach tentative agreements by Sept 14. The targeted, or “stand-up,” strikes are taking place instead of national walkouts.
Only 25,200 workers, or roughly 17% of UAW members covered by the expired contracts with the Detroit automakers, are currently on strike.
The Canadian Securities Administrators (CSA) has provided guidance to exchanges and cryptocurrency issuers on its interim approach to what it calls value-referenced crypto assets, with a particular focus on stablecoins.
On Oct. 5, the umbrella organization of Canada’s provincial and territorial securities regulators published a clarification saying it may allow trading of certain cryptocurrencies that reference the value of a single fiat currency, subject to terms and conditions.
In February, the CSA reaffirmed its view that stablecoins “may constitute securities and/or derivatives,” which Canadian crypto exchanges are prohibited from trading.
However, if issuers maintain an appropriate reserve of assets with a qualified custodian and crypto exchanges offering stablecoins make “certain information related to governance, operations, and reserve of assets publicly available,” then the CSA could allow those assets to be traded.
CSA Chair and Chair and CEO of the Alberta Securities Commission, Stan Magidson, said in a statement:
“This interim framework, which we will build upon in the future, sets certain standards to help ensure that investors receive the information they need about the assets they are purchasing, including the risks associated with them.”
The CSA cautioned that fiat-backed crypto assets satisfying the terms are still risky and should not be viewed as endorsed or risk-free.
Related: Canadian crypto ownership declines amid tight regulations, falling prices
In August, Cointelegraph reported that regulatory clarity in Canada had generated greater interest in crypto from institutions.
In July, the CSA issued guidance on staking, stating that it was allowed, but lending opportunities are limited, and the proportion of “illiquid” assets is restricted.
Stablecoin market capitalization has been in decline over the past 18 months or so and is currently at $123 billion, representing around 11% of the total crypto market cap.
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Size and energy allowed Kraken to stay in Canada after the imposition of new registration requirements for crypto exchanges in February. But in spite of the demanding process, the regulatory clarity has benefited the company, Kraken managing director for Canada Mark Greenberg said.
Speaking to Cointelegraph’s Sam Bourgi at the Blockchain Futurist Conference in Toronto, Greenberg had positive things to say about the Canadian regulatory environment:
“The Canadian regulators have been collaborative, helpful. […] There’s a clear regulatory pathway. It’s allowed us to invest in the country.”
Kraken has a staff of over 250 in Canada, Greenberg said. That strong base has been key to the company’s success in the country. After registration rules for crypto exchanges were tightened in Canada in February by the Canadian Securities Administrators, requiring them to register as restricted dealers, some exchanges, such as OKX, left the country.
Related: Coinbase VP says Canada can be a ‘global leader’ in crypto
“It’s not the easiest thing to meet those requirements,” Greenberg said, “especially for smaller platforms […] that just weren’t able to put that kind of energy against it.”
Kraken, however, reiterated its commitment to Canada, where it has been operating with money service business registration since 2011. “It took a lot of work for us,” Greenberg continued. “We’re lucky in that we have a great user base here in Canada, and we were able to make those costs work.”
“We need to solve the fraud problem, we need to solve scams, and we need to stop talking about it as a crypto-specific issue.”
On his panel at the @Futurist_conf, Kraken MD of Canada @marklg spoke about the importance of addressing fraud in the financial world.#Futurist23 pic.twitter.com/UdP5Z56alx
— Kraken Exchange (@krakenfx) August 16, 2023
On-ramps and off-ramps remain challenging. The five major banks in Canada “have typically been relatively hostile to crypto,” according to Greenberg. It is possible to make fiat payments to crypto exchanges or receive fiat from them in person at Canada Post. In addition, Kraken has partnered with the Canadian payment service Payper to provide instant e-money transfers of up to 3,000 Canadian dollars.
“We have many rails we hope to build over the coming months and years,” Greenberg said.
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A Canadian police department has issued a public warning of a possible trend where high-value cryptocurrency investors are being robbed in their own homes.
On July 19, the Royal Canadian Mounted Police (RCMP) in Richmond, a city south of Vancouver, said several similar robberies involving cryptocurrency investors have occurred over the last 12 months.
Staff Sergeant Gene Hsieh of the Richmond RCMP Major Crime Unit said someone is “targeting these victims for cryptocurrency” and believed a public warning was necessary for public safety.
Richmond RCMP and Delta Police
FOR IMMEDIATE RELEASE
Police issue warning to high-value cryptocurrency investors following home-invasion style robberies.
Date: 2023-07-19
For the full News Release, see below:https://t.co/27JLFKcV10#DeltaPolice #DeltaBC pic.twitter.com/7CqONzUdUl
— Delta Police Department (@deltapolice) July 19, 2023
The RCMP didn’t release specific details on the incidents but explained in each case the perpetrator impersonated a delivery driver before robbing the victim.
“The suspects gain access to a victim’s home by posing as delivery people or persons of authority. Once let inside the home, the suspects rob the victims of information that gives access to their cryptocurrency accounts.”
Staff Sergeant Jill Long of the Delta Police Investigative Services said the suspects appear to know that the victims are “heavily” invested in cryptocurrency along with knowledge of where they live.
The police department confirmed it made one arrest but has not confirmed whether several incidents are linked. It did not provide specific details about the incidents or how much cryptocurrency was stolen as the investigations are still ongoing.
To avoid a home robbery the department advised not letting strangers or delivery people — whether seemingly legitimate or not — into the household and instead ask them to leave deliveries outside.
If in doubt, a call should be made to the delivery company to confirm the person’s identity and authorities should be called if danger is or appears imminent.
Valuables and financial information should be kept somewhere safe within the household, such as a safety box, the police advised.
Related: Thodex CEO sentenced to Turkish prison for failure to submit tax documents
More generally the police recommend only discussing financial matters in private — not on social media — and only with trusted people.
In March, Canada’s self-proclaimed “Crypto King” — Aiden Pleterski — was allegedly kidnapped, falsely imprisoned and assaulted by five men who fell for an apparent cryptocurrency scheme from Pleterski.
One of the men, who reportedly invested 740,000 Canadian dollars ($560,000) into the scheme, was charged with kidnapping Pleterski on July 17, according to the Canadian Broadcasting Corporation.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
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Google CEO Sundar Pichai speaks at a panel at the CEO Summit of the Americas hosted by the U.S. Chamber of Commerce on June 09, 2022 in Los Angeles, California.
Anna Moneymaker | Getty Images
Google told the Canadian government it would block articles from Canada-based news outlets from appearing in search results and other products in the country after the passage of a new bill that would require Google to pay a fee to news companies.
The new bill, C-18, was passed last week. The bill would have brought in $329 million for Canadian newsrooms annually, Canada’s Parliamentary Budget Officer estimated, a revenue stream that now seems unlikely to materialize. It requires companies such as Meta and Google to pay media outlets when they link to news in search or feeds.
The move, which will also pull Canadian media from Google’s News and Discover products, could have a big impact on publishers that rely on Google search to attract readers who support their businesses. The changes appear to have already started to impact some users.
The Canadian Broadcasting Corporation, one of Canada’s largest news organizations, said it would “encourage Canadians to go directly to the websites they trust for their news.” Newsrooms in Canada and around the world have suffered from years of decline. From 2008 to 2018, 216 Canadian newsrooms closed their doors, according to researchers.
“Big tech would rather spend money changing their platforms to block news from Canadians instead of paying a small share of the billions they make in advertising dollars,” Pablo Rodriguez, member of Parliament for Honoré-Mercier, said Thursday on Twitter. Google reported $40.69 billion in Search revenue for the second quarter of 2023.
Google’s global affairs president, Kent Walker, called the framework of the new law “unworkable” in a blog post and said it would expose the company to “uncapped financial liability simply for facilitating Canadians’ access to news from Canadian publishers.”
Meta already said it would begin blocking Canadian news outlets from appearing on Facebook or Instagram after the bill’s passage. A similar law was passed in Australia and prompted the same response from Meta, attracting significant controversy. Meta later cut a deal with the country and restored access to news.
“The fact that these internet giants would rather cut off Canadians’ access to local news than pay their fair share is a real problem, and now they’re resorting to bullying tactics to try and get their way. It’s not going to work,” Canadian Prime Minister Justin Trudeau told reporters last week.
“We’re disappointed it has come to this,” Walker said. “We don’t take this decision or its impacts lightly and believe it’s important to be transparent with Canadian publishers and our users as early as possible.”