Coinbase Registration with the CSA Marks its Canadian Expansion
- Coinbase becomes the largest and first international cryptocurrency exchange to register as a Restricted Dealer with the Canadian Securities Administrators (CSA).
- A survey finds that 72% of Canadians consider the regulation of cryptocurrency exchanges important, and Coinbase sees significant potential for the crypto market to grow in Canada.
- Coinbase’s registration in Canada follows similar milestones in France, Spain, Singapore, Italy, Ireland, and the Netherlands over the past year.
On April 3, 2024, Coinbase registered as a Restricted Dealer with the Canadian Securities Administrators (CSA), becoming the largest and first international cryptocurrency exchange to achieve this status in Canada. The registration follows Coinbase’s formal launch in the country in August 2023.
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Registration Process and Collaboration with Regulators
Coinbase began the registration process in March 2023 by signing an Enhanced Pre-Registration Undertaking, demonstrating its commitment to regulatory compliance and operational excellence. The company worked closely with Canadian regulators to establish a policy framework serving as a global industry benchmark. Coinbase also collaborated with Canadian banks, investment advisors, and pension funds to help these institutions navigate the evolving digital asset landscape.
A survey conducted by Coinbase and Angus Reid found that 72% of Canadians consider regulating cryptocurrency exchanges important, and 29% would be more likely to purchase cryptocurrency if there was more regulation. Among crypto buyers, 49% were driven by curiosity, 39% wanted to diversify investments, and 53% were interested in making money.
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Canadian Market Potential and Coinbase’s Expansion
Canada ranks as Coinbase’s third-most crypto-aware nation globally, and the company sees significant potential for the cryptocurrency market to grow in the country. In August 2023, Coinbase partnered with Peoples Trust to roll out Interac payment rails, allowing Canadian users to seamlessly deposit and withdraw funds (CAD) to and from their Coinbase wallets through Interac e-transfers. This move has made cryptocurrency more accessible to millions of Canadians.
Coinbase CEO Brian Armstrong visited Toronto in November 2023 to meet with the local team, partners, and the wider crypto community. He participated in fireside chats with RBCx Head Sid Paquette and Shopify Co-Founder and CEO Tobi Lütke, who also serves on Coinbase’s board. Armstrong also met with Canadian media and held a Q&A session with the Coinbase team.
The company has expanded its Canadian presence, with nearly 200 full-time local employees, making it Coinbase’s largest tech hub outside the US. Coinbase is developing products that are built by Canadians, for Canadians, demonstrating its commitment to fostering a user-centric crypto platform tailored for the Canadian market.
Coinbase’s Global Regulatory Compliance Efforts
Coinbase Ventures has invested in Canadian startups contributing to innovation and technological advancement in risk assessment and asset management. Notable Canadian portfolio partners include Dapper Labs, Minerva AI, Axelar, Horizon Blockchain Games, and Zapper.
Coinbase’s registration in Canada follows similar milestones in France, Spain, Singapore, Italy, Ireland, and the Netherlands over the past year. The company aims to work with stakeholders across Canada’s crypto ecosystem to accelerate the adoption of digital assets, foster economic empowerment, and reshape the global financial system. This registration marks a significant step in Coinbase’s international growth strategy and underscores its commitment to working closely with regulators in key countries.
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