Coinbase has become the first international cryptocurrency exchange to be registered in Canada as a Restricted Dealer by the Canadian Securities Administrators.
Coinbase’s registration in Canada comes after the huge success of the expansion of Coinbase in Canada in March 2023. It also represents Coinbase’s seventh international registration within the past year, joining countries such as France, Spain, Singapore, Italy, Ireland, and the Netherlands.
Coinbase Registers in Canada
Lucas Matheson, CEO of Coinbase, talked about Coinbase’s registration in Canada and said that the event is one of the major milestones for Coinbase in Canada.
He added that they are eager to keep collaborating with stakeholders throughout Canada to boost the adoption of digital assets, promote economic empowerment, and transform the financial system.
Coinbase in Canada has been identified as the third-most crypto-aware nation, and internal surveys have shown that 29% of Canadians would consider investing if there were more regulations in the industry.
Faryar Shirzad, Coinbase’s chief of policy, said regulation plays a crucial role in the crypto industry’s success and is vital for establishing trust. He added that he applauds the Canadian securities regulators for their demonstrated dedication to providing clarity to the industry. He looks forward to the opportunities this next phase will bring for Coinbase.
Coinbase CEO Brian Armstrong has previously praised the Canadian regulatory framework, stating during a town hall event in Toronto last November that Canadian regulators have exhibited great leadership.
Armstrong, talking about Coinbase’s registration in Canada, said that the country can rightly claim to do a better job creating regulatory clarity around crypto. He added that he might be taking some notes from this trip for the US counterparts.
Coinbase in Canada
Matheson talked about the Coinbase market in Canada and said that the country now has a well-educated, tech-savvy population that understands the digital economy.
He added that Coinbase’s registration in Canada makes the cryptocurrency the first and largest cryptocurrency exchange registered in Canada, positioning it perfectly to assist millions of Canadians in accessing the digital economy.
Canada has other notable tech firms like Shopify and Cohere. In November 2023, Coinbase’s CEO Brian Armstrong visited the country to meet the local team and engage in a fireside chat with Shopify CEO Tobi Lutke.
With a tech hub in Canada staffed by nearly 200 full-time employees, Coinbase in Canada is looking for a global expansion. Matheson emphasized the advantage of Coinbase’s status as an exchange that secures regulatory approvals before launching.
He said that the reputation of Coinbase in Canada is strong as a publicly traded and compliance-focused company. He added that Coinbase in Canada has built a loyal customer base that trusts its platform and mission.
Coinbase’s registration in Canada is another success, as it has been working globally to win over regulators and expand its platform overseas. In 2022, Coinbase launched its “Go Broad, Go Deep” strategy, focusing on hiring new leaders and obtaining local licenses in international markets.
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