Some of Canada’s biggest crypto, blockchain, and FinTech companies have teamed up to launch a new non-profit trade association—the Canadian Web3 Council (CW3).

“Canada has fallen behind other jurisdictions that are advancing policies and defining their approach to Web3,” argues CW3.

The group aims to “position Canada as a leader in Web3 technology such as blockchain and cryptocurrency.” CW3’s eleven founding members include Dapper Labs, Ether Capital, Ledn, Figment, Wealthsimple, and Bitbuy owner WonderFi.

To date, Canadian entrepreneurs have played an important role in the development of Web3.

The country where Ethereum—one of the world’s largest blockchain platforms—was developed, has also been home to a list of leading crypto startups like Dapper Labs, the company behind NBA Top Shot.

But despite these developments, CW3 argues that “Canada has fallen behind other jurisdictions that are advancing policies and defining their approach to Web3.” The council claims that “there is an urgent need to ensure Canada and its citizens are well positioned to benefit from this emerging asset class.”

“The Canadian Web3 community has led the charge on some of the most innovative and high-valued projects globally,” stated CW3 co-founders and crypto advocates Jelena Djuric and Connor Spelliscy. “World-changing talent and creativity often starts in Canada, only to flourish elsewhere. We can’t afford to miss the opportunity to nurture these talents domestically, for the benefit of all Canadians.”