Coinbase obtains registration as a Restricted Dealer in Canada
April 04 2024 - 10:00AM
Today, Coinbase announced it has been registered as a Restricted
Dealer by the Canadian Securities Administrators (CSA), making
Coinbase the first international and largest cryptocurrency
exchange to be registered in Canada. This milestone, following its
formal launch in August 2023, reinforces Coinbase’s commitment to
Canada as a Go Deep market. The registration is the culmination of
months of work, starting in March 2023 when Coinbase signed an
Enhanced Pre-Registration Undertaking that signified its dedication
to regulatory compliance and operational excellence.
Throughout this process, Coinbase closely collaborated with
Canadian regulators to establish a policy framework that serves as
a global benchmark. Furthermore, Coinbase collaborated with
Canadian banks, investment advisors, and pension funds to
demonstrate its dedication to facilitating its successful
navigation of the evolving digital asset realm.
“This is a significant milestone in Coinbase’s journey in
Canada,” said Lucas Matheson, CEO, Coinbase Canada. “We’re excited
to continue working with stakeholders across Canada to accelerate
the adoption of digital assets, foster economic empowerment, and
reshape the financial system.”
Coinbase believes that regulating centralized crypto
intermediaries is essential for building trust and fostering
innovation in the cryptocurrency market. And it’s clear that
Canadians agree. A new survey Coinbase conducted, in
partnership with Angus Reid, found that 72 per cent of Canadians
think that regulation of cryptocurrency exchanges are important.
Nearly a third of Canadians (29 per cent) said they would be more
inclined to buy cryptocurrency if there was more regulation in the
industry.
Among those who did purchase crypto, nearly half (49%) said they
were driven by their curiosity in digital assets, while 39% said
they wanted to diversify their investments and just over half (53%)
said they were interested in investing to make money.
Coinbase’s commitment stems from a significant opportunity for
the cryptocurrency market to grow and thrive in Canada. Ranked as
Coinbase’s third-most crypto-aware nation globally, Canada boasts
an enthusiastic tech ecosystem that has the potential to be a
leader in the global cryptoeconomy.
“Regulation is critical to the success of the crypto industry
and is essential for building trust,” said Faryar Shirzad, Chief
Policy Officer at Coinbase. “We applaud the Canadian securities
regulators’ demonstrated commitment to bring clarity to the
industry and are excited for what this next chapter holds for
Coinbase in Canada.”
The registration is one step of many that Coinbase has taken in
recent months to grow in Canada. These include:
- Announcing its official Canadian launch in August 2023, marked
by the completed roll-out of Interac payment rails in partnership
with Peoples Trust, empowering all Canadian Coinbase users to
seamlessly deposit and withdraw funds (CAD) to and from their
Coinbase wallets through Interac e-transfer. This is helping make
crypto more accessible to millions of Canadians.
- Brian Armstrong, Coinbase CEO, visited Toronto in November 2023
to meet with the local team, partners, and the wider crypto
community. He participated in two fireside chats: with Sid
Paquette, Head of RBCx, and Tobi Lütke, Co-Founder and CEO of
Shopify and Coinbase board member. Brian also met with Canadian
media and held a Q&A session with the Coinbase Canada team. The
visit was an important signal in its commitment to the Canadian
market
- Expanded its Canadian presence and fostered a user-centric
crypto platform tailored for Canadians by hiring nearly 200
full-time local employees who are helping build Coinbase products,
making Canada Coinbase’s largest tech hub outside of the
US.
- Invested in Canada’s thriving tech and developer ecosystem
through Coinbase Ventures. Notable Canadian portfolio companies
include Dapper Labs, Minerva AI, Axelar, Horizon Blockchain Games,
and Zapper.
Coinbase has made it a priority to work closely with regulators
in key countries as part of our international growth. Over the last
year, Coinbase has obtained licenses and registrations in France,
Spain, Singapore, Italy, Ireland, and the Netherlands.
The registration marks a significant step forward in Canada.
Coinbase is excited to continue working with stakeholders across
Canada’s crypto ecosystem to accelerate the adoption of digital
assets, foster economic empowerment, and reshape the global
financial system.
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About CoinbaseCoinbase (NASDAQ: COIN) is on a mission to
increase economic freedom for more than 1 billion people. We’re
updating the century-old financial system by providing a trusted
platform that makes it easy for people and institutions to engage
with crypto assets, including for trading, staking, safekeeping,
spending, and fast, free global transfers. We also provide critical
infrastructure for onchain activity and support builders who share
our vision that onchain is the new online. Together with the crypto
community, we also advocate for responsible rules to make the
benefits of crypto available around the world.
Amit Shilton
Coinbase
ashilton@thinkagnostic.com
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