Toronto has announced its first attempt to regulate Uber. The controversial proposal suggests two sets of regulations, which distinguish between traditional taxis and the ride-sharing service.

"Today we have new regulations that create a level playing field, provide safe, convenient options to our residents and allow drivers to earn a competitive living," John Tory said of the new draft of regulations.

Some of the highlights include the option for taxis to offer discounted fares, with the current mandated rates serving as the maximum that they would have to charge. From a licensing standpoint, traditional taxis would pay and annual $290 fee, while Uber would be on the hook for a lump $20,000 fee in addition to $10 annually on each vehicle and 20 cents per trip.

All drivers (taxi, limousine, and Uber) would be required to carry $2 million in liability insurance. Meanwhile taxis would be the only vehicles permitted to accept rides via a hail on the street (hardly something that Uber drivers will be worried about).

This is the first official step in addressing a controversy that has gripped the city for over a year, complete with Jerry Springer-esque drama and international coverage.

The staff report still requires city council approval, which will be up for debate later this year.

What do you think of the proposed rules changes? Let us know in the comments.