(Kitco News) – Coinbase, the largest U.S. cryptocurrency exchange, has announced that it has been registered as a restricted dealer by the Canadian Securities Administrators (CSA), making it the first international cryptocurrency exchange to register in Canada. .
This approval took several months, as Coinbase signed an enhanced pre-registration agreement in March 2023 demonstrating its commitment to regulatory compliance and operational excellence, and officially launched Coinase Canada in August.
Throughout the application process, the exchange worked closely with Canadian regulators to establish a policy framework that serves as a global benchmark, and also with Canadian banks, investment advisors, and pension funds to support evolving digital assets. demonstrated a dedication to promoting proper navigation of the. region.
Lucas Matheson, CEO of Coinbase Canada said: “We are excited to continue working with stakeholders across Canada to accelerate the adoption of digital assets, advance economic empowerment, and reshape the financial system.”
The addition of Coinbase's prestigious exchange will likely lead to increased adoption in Canada, with a survey conducted by the exchange in collaboration with Angus Reid finding that 72% of Canadians are willing to use a crypto exchange. It turns out that they think regulation is important. Additionally, 29% of respondents said they would be more likely to purchase cryptocurrencies if there was more regulation in the industry.
“Among those who have actually purchased cryptocurrencies, almost half (49%) said they were motivated by curiosity about digital assets, 39% said they wanted to diversify their investments, and just over half (53%) said they were motivated by curiosity about digital assets. “They said they were interested in investing to make money,” Coinbase said.
Last year, Canada introduced new guidelines for crypto exchanges that set limits on the amount that certain investors can invest in cryptocurrencies and introduced registration requirements for crypto companies.
After the guidelines were announced, Binance, the world's largest cryptocurrency exchange by trading volume, closed its operations in the country, saying it was “no longer sustainable” to operate there.
Coinbase is currently Canada's largest exchange, and the company considers it a “Go Deep marketplace.”
According to a study conducted by the exchange, Canada ranks as the third most crypto-sensitive country in the world, and their efforts to establish a foothold in the country represent a significant opportunity for growth. It originates from what you see.
“Canada boasts a thriving technology ecosystem with the potential to become a leader in the global crypto economy,” Coinbase said.
“We have worked diligently over the past year to work with regulators to build a compliant platform in Canada that we can provide to Canadians,” Matheson said in an interview with CNBC. “We have people here who are highly educated, tech-savvy and understand the digital economy.”
“Registration in Canada makes us the first international and largest crypto exchange to be registered in Canada,” he added. “This will enable us to help millions of Canadians access the digital economy.”
Coinbase has made a concerted effort in recent months to engage with global regulators as it seeks to expand its international reach. Last year, Coinbase received licenses and registrations in France, Spain, Singapore, Italy, Ireland, and the Netherlands.
“Regulation is critical to the success of the cryptocurrency industry and essential to building trust,” said Coinbase Chief Policy Officer Fariyah Shirzad. “We applaud Canada’s securities regulators’ demonstrated commitment to bringing transparency to the industry and are excited about what this next chapter will bring for Coinbase Canada.”
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