Coinbase has obtained a registration license in Canada, allowing it to expand internationally while dealing with regulatory challenges in the U.S. The company confirmed its registration as a restricted dealer in Ontario under the Canadian Securities Administrators (CSA). This authorization signifies compliance with Canadian regulations for crypto assets dealings. Last year, Canada implemented new guidelines for crypto exchanges, resulting in Binance terminating its operations in the country. Kraken initiated the process to become a registered dealer in Canada as well. Coinbase filed its registration in March 2023 and officially launched in August of the same year, becoming the first international crypto exchange with restricted dealer registration in Canada.
Lucas Matheson, Coinbase’s country director for Canada, mentioned that the regulatory environment in Canada is friendlier towards crypto platforms compared to the U.S. Canada introduced the world’s first spot bitcoin exchange-traded fund ahead of the U.S., further highlighting the country’s progressive stance.
Matheson emphasized the significant market opportunity in Canada, citing the country’s educated and technology-savvy population as an advantage. Coinbase positions itself as the first international cryptocurrency exchange registered in Canada, serving millions of Canadians. The company’s CEO, Brian Armstrong, visited Canada to meet the local team and engage with industry leaders like Shopify’s CEO.
As Coinbase continues its global expansion, Matheson emphasizes the company’s compliance and regulatory readiness. Coinbase’s commitment to regulatory engagement has earned it licenses in various international markets like Ireland, France, Spain, Singapore, Italy, and the Netherlands. Additionally, the company introduced the “Go Broad, Go Deep” strategy in 2022 to strengthen its presence in global markets.
In conclusion, Coinbase’s successful registration in Canada reflects its dedication to compliance and regulatory engagement as it navigates international market expansion.
Coinbase has received a registration license in Canada, allowing it to operate legally in the country. The company is registered as a restricted dealer in Ontario under the Canadian Securities Administrators. Canada introduced new guidelines for crypto exchanges last year, leading to Binance quitting operations in the country. Coinbase filed a pre-registration undertaking in March 2023 and officially launched in August, becoming the first international crypto exchange to be registered in Canada. The regulatory environment in Canada has been more accommodating for crypto platforms compared to the US. Coinbase sees a sizable market opportunity in Canada and has a tech hub with nearly 200 full-time employees in the country. The company’s CEO, Brian Armstrong, visited Canada in November 2023 to meet with the local team and participate in a fireside chat with Shopify’s CEO. Coinbase has a strong brand in Canada and a large customer base that trusts its platform. The company has been focused on a global expansion strategy, hiring new leaders and obtaining licenses in various international markets. Last year, Coinbase selected Ireland as its primary regulatory base in the EU and has also received approvals in France, Spain, Singapore, Italy, Ireland, and the Netherlands.
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