Following up Coinbase’s formal launch into Canada last year, the U.S. crypto titan announced this week that it has been registered as a Restricted Dealer by the Canadian Securities Administrators, making it the first international cryptocurrency exchange to be registered in Canada—and also the largest one in country, according to a statement from the firm.
“This is a significant milestone in Coinbase’s journey in Canada,” said Lucas Matheson, chief executive of Coinbase Canada, which came about when the company opened a Canadian office in 2021.
Ranked as the world’s third-most crypto-aware nation, Canada possesses an “enthusiastic tech ecosystem that has the potential to be a leader in the global cryptoeconomy,” according to the company.
Indeed, Canada poses such an important market for Coinbase that the nation now represents the company’s largest technology and talent hub outside of the US.
Currently, Coinbase in Canada employs “nearly 200 full-time local employees who are helping build Coinbase products,” with plans to hire more as the platform continues to expand North of the border.
The San Francisco-born fintech has been hiring in Canada since 2021.
Throughout the process, Coinbase collaborated with Canadian regulators to establish a policy framework that serves as a global benchmark, Matheson noted.
“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,” the CEO stated.
His company believes that regulating centralized cryptocurrency intermediaries is essential for cultivating trust and innovation in the market.
“Regulation is critical to the success of the crypto industry and is essential for building trust,” asserts Faryar Shirzad, who serves as Chief Policy Officer at Coinbase.
A survey Coinbase conducted in partnership with Angus Reid confirms that nearly three-quarters of Canadians agree that regulation of cryptocurrency exchanges is important.
“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,” Shirzad said.
