Coinbase has been granted a registration license by the Canadian Securities Administrators (CSA). This marks a significant expansion into Canada amid regulatory challenges in the United States.
The license allows Coinbase to operate as a restricted dealer in Ontario, aligning with Canada’s stringent requirements for crypto asset dealings. The move comes when Canada has tightened regulations for crypto exchanges, introducing investment limits and mandatory registration for crypto firms.
Why Coinbase’s New Canadian License Matters
The registration positions Coinbase uniquely in the Canadian market, especially following the departure of Binance due to the country’s regulatory environment.
In contrast, Coinbase filed its pre-registration undertaking (PRU) in March 2023 and officially launched in Canada in August. Consequently, it became the first international crypto exchange to secure restricted dealer registration there.
Lucas Matheson, Coinbase’s Country Director for Canada, highlighted the company’s efforts in working closely with regulators to build a compliant platform for Canadians. He noted that the regulatory stance in Canada has been more favorable than in the US, where Coinbase has faced significant legal challenges from the Securities and Exchange Commission.
“We have a strong brand here in Canada as a publicly traded company, as a company who is committed to compliance, and registration more broadly in the world. I think Coinbase has built a strong customer base of, of clients who who trust our platform, and, you know, the mission of Coinbase,” Matheson said.
Coinbase’s establishment in Canada reflects a broader strategy to diversify its operations and navigate regulatory landscapes in various international markets. As part of its global expansion efforts, the firm has also pursued regulatory approvals in other jurisdictions, including Ireland, France, Spain, Singapore, Italy, and the Netherlands.
The license in Canada represents a strategic move for Coinbase, as it seeks to leverage the country’s educated, technology-savvy population and enhance access to the digital economy amid a backdrop of tightening regulations in its home market.
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