Coinbase, the international cryptocurrency exchange, has achieved a milestone in its expansion efforts by becoming officially registered as a restricted dealer by the Canadian Securities Administrators. With this development, Coinbase has become the first international cryptocurrency exchange to be registered in Canada.
Compliance Highlighted amid Canadian Registration Process
The registration process, which has been in progress since March 2023, underscores Coinbase's focus on regulatory compliance. Through close collaboration with Canadian regulators, Coinbase has worked to establish a policy framework.
Coinbase's CEO, Brian Armstrong, expressed appreciation for the efforts of Canadian regulators in bringing clarity to the cryptocurrency market. Additionally, Coinbase has engaged with Canadian banks, investment advisors, and pension funds to facilitate their successful navigation of the evolving digital asset landscape.
A recent survey conducted by Coinbase in partnership with Angus Reid revealed that a significant majority of Canadians (72%) view theregulation of cryptocurrency exchanges as important. Furthermore, nearly a third of Canadians (29%) indicated that they would be more inclined to buy cryptocurrency if there were more regulations in place.
Coinbase secures restricted dealer license in Canada, pushing expansion abroad amid SEC crackdown https://t.co/zVU1zY21jW
— CNBC Tech (@CNBCtech) April 4, 2024
Coinbase Continues Global Expansion with Canada Registration
Canada is recognized as a significant market for Coinbase, known for its tech ecosystem and notable levels of cryptocurrency awareness among its population. The registration as a Restricted Dealer represents one of several steps taken by Coinbase to expand its presence in Canada, including the official launch in August 2023 and the establishment of a Canadian tech hub.
The registration in Canada adds to Coinbase's growing list of registrations in key countries, including France, Spain, Singapore, Italy, Ireland, and the Netherlands.
Meanwhile, a federal judge in Manhattan has allowed the US Securities and Exchange Commission to proceed with a lawsuit against Coinbase, despite dismissing one claim. The decision sets the stage for a potentially lengthy legal battle, marking a notable development in the ongoing regulatory scrutiny of digital assets firms.
This article was written by Tareq Sikder at www.financemagnates.com.
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