Uber currently rules the ride-sharing market in Toronto, but that monopoly could soon come to an end as American company Lyft sets its sight on our city.

Toronto's Licensing and Standards Committee is currently discussing the proposed vehicle-for-hire bylaw, which would regulate how both taxis and Private Transportation Companies (PTCs) such as Uber operate in our city. And the Toronto Star reports, Lyft submitted a letter (PDF) to the committee to comment on these new regulations.

"While we have no immediate plans to launch in Toronto," writes Lyft's senior director of federal and international government relations Mike Masserman, "we see tremendous opportunity for ride-sharing in your city, and look forward to collaborating with City Councillors and policy makers on a smart set of regulations that would allow Lyft and the ride-sharing industry to thrive in Toronto."

As we previously reported, city staff recommended different sets of rules for PTCs and taxis. If the Licensing and Standards Committee approves these regulations, City Council will likely debate them next month on May 3. According to the Star, about 101 people are scheduled to speak at today's meeting - representatives from Uber Canada and Lyft are not.

Toronto used to be home to both Uber and Hailo, but the latter left North America back in October 2014. Lyft is enormously popular in the United States, especially its Lyft Line service, which is similar to Uber Pool.