Coinbase obtains registration as a Restricted Dealer in Canada
TORONTO, ON, April 04, 2024 (GLOBE NEWSWIRE) -- 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 Coinbase
Coinbase (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.
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