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Coinbase Gains Restricted Dealer License in Canada
Release | April 4, 2024
Image: Coinbase Blog, Major Hubs Legislating Crypto
Coinbase's Strategic Expansion into Canada's Crypto Market
"Today we’re excited to share a crucial milestone in Coinbase’s journey in Canada. Coinbase has officially been registered as a Restricted Dealer by the Canadian Securities Administrators (CSA). This makes Coinbase the largest and first international cryptocurrency exchange registered in Canada."
On April 3, 2024, Coinbase shared the achievement of a key milestone on it's blog announcing that it has 'officially been registered as a Restricted Dealer by the Canadian Securities Administrators (CSA), [making them] the largest and first international currency exchange registered in Canada." View the release here.
See: Tax Tips for Canadian Crypto Users in 2024
- Coinbase's registration as a restricted dealer by the CSA is a result of nearly three years of diligent work, particularly with the Ontario Securities Commission. This achievement follows Canada's new guidelines introduced last year for crypto exchanges, which mandate registrations and impose investment limits for certain investors.
- Canada presents a significant market opportunity for Coinbase, ranked as the third-most crypto-aware nation globally. With a highly educated and technology-savvy population, Canada is ripe for cryptocurrency adoption. Coinbase's registration makes it the largest and first international cryptocurrency exchange in Canada, poised to make digital economy access easier for millions.
- A survey conducted by Coinbase in partnership with Angus Reid highlights that 72% of Canadians consider regulation of cryptocurrency exchanges important. Furthermore, nearly a third (29%) of Canadians would be more inclined to buy cryptocurrency with more industry regulation.
- Coinbase's commitment to Canada extends beyond regulatory compliance. The launch of Interac payment rails, in partnership with Peoples Trust, enables seamless transactions for Canadian users. Moreover, Coinbase's CEO Brian Armstrong's engagement with the local tech community and the establishment of a Canadian tech hub with nearly 200 employees signify a deep investment in Canada's digital asset ecosystem.
Lucas Matheson, Coinbase Canadian Country Director:
"We've made it a priority to work closely with regulators in key countries as part of our international growth. Over the last year, we've obtained registrations in France, Spain, Singapore, Italy, Ireland, and the Netherlands. Adding Canada to this list is a huge moment for Coinbase, and one we are very proud of."
See: OSC: 2023 Canadian Crypto Survey Insights
Outlook
The registration with the Canadian Securities Administrators (CSA) aligns with Coinbase's "Go Deep" growth strategy and is in line with the broader trend of crypto platforms seeking legitimacy and trust through regulatory approvals en-route to the mainstream adoption of digital assets globally.
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