Coinbase secures Restricted Dealer registration, marking a milestone in Canadian crypto regulation and trust
Coinbase has announced its registration as a Restricted Dealer by the Canadian Securities Administrators (CSA).
This marks a significant milestone as the first international and largest cryptocurrency exchange to obtain such registration in Canada.
This achievement comes after Coinbase's formal launch in August 2023 and is a testament to its commitment to becoming a major player in the Canadian market, which it identifies as a Go Deep market.
The journey towards this registration began in March 2023 when Coinbase signed an Enhanced Pre-Registration Undertaking, demonstrating its commitment to regulatory compliance and operational excellence.
In its efforts to secure registration, Coinbase engaged in close collaboration with Canadian regulators to develop a policy framework aimed at setting a global benchmark.
The exchange also worked with Canadian banks, investment advisors, and pension funds, highlighting its dedication to navigating the evolving digital asset landscape successfully.
Lucas Matheson, CEO of Coinbase Canada, expressed the significance of this milestone, stating, “This is a significant milestone in Coinbase’s journey in Canada.”
He further emphasized the company's excitement to accelerate the adoption of digital assets, foster economic empowerment, and reshape the financial system in collaboration with stakeholders across Canada.
This collaboration aims to boost digital asset adoption, economic empowerment, and the transformation of the financial system. Coinbase’s stance on the necessity of regulating centralized crypto intermediaries aligns with Canadian public opinion.
A survey conducted by Coinbase in partnership with Angus Reid revealed that 72 percent of Canadians view the regulation of cryptocurrency exchanges as important, with 29 percent stating that increased regulation would make them more inclined to invest in cryptocurrencies.
Among cryptocurrency investors, curiosity, investment diversification, and the potential for profit were significant motivators.
Coinbase’s dedication to the Canadian market is motivated by the significant growth potential of the cryptocurrency sector in Canada. The country ranks third globally in crypto awareness, supported by a robust tech ecosystem that could lead in the cryptoeconomy.
Faryar Shirzad, chief policy officer at Coinbase, highlighted the critical role of regulation in the industry, applauding Canadian securities regulators for their commitment to clarity. “Regulation is critical to the success of the crypto industry and is essential for building trust,” Shirzad stated.
Coinbase has undertaken several initiatives to expand in Canada, including its official launch in August 2023 with Interac payment rails, a visit by CEO Brian Armstrong to Toronto in November 2023, hiring nearly 200 local employees, and investing in Canada’s tech ecosystem through Coinbase Ventures.
These efforts are part of Coinbase’s broader strategy of working with regulators globally, having obtained licenses in various countries.
Coinbase says it is committed to fostering the growth of the crypto ecosystem in Canada, working closely with stakeholders to promote digital asset adoption, economic empowerment, and reshape the global financial system.
