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U.S.-based Coinbase, navigating regulatory uncertainties at home, collaborates with Canada's banking giants, promoting support for the expanding crypto ecosystem in the region.
Lucas Matheson, the director of Coinbase's operations in Canada, recently revealed in an interview with CoinDesk that he has been in discussions with tier-one banks in the country. Although Matheson did not disclose the specific names, Canada's major banks, collectively known as the Big Five, include the Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce.
Matheson emphasized the significance of collaborating with these prominent banks, stating that they have five banks, with most Canadians banking. He hoped larger Canadian banks would begin participating in the crypto economy over the next few quarters.
Coinbase recently commenced operations in Canada after facing legal action in the United States by the Securities and Exchange Commission (SEC) for operating as an unregistered securities exchange. The exchange praised Canada's approach to crypto regulation, highlighting the engagement and assistance provided by Canadian regulators to establish an appropriate regulatory framework.
Coinbase obtained its pre-registration undertaking (PRU) in Canada, ensuring compliance with various regulatory requirements within a specified timeframe. The exchange will acquire a restricted dealer registration and transition to the newly formed Canadian Investment Regulatory Organization. Matheson explained that this would enable Coinbase to obtain its full dealer registration, allowing it to offer leveraged and derivative products to retail and institutional investors.
Coinbase aims to educate Canadians about the benefits and importance of a decentralized system while expanding payment options in the country.
In recent months, several U.S.-based crypto firms, including Coinbase and Kraken, have launched their operations in Canada as the SEC intensified its crackdown on the crypto industry in the United States. However, some companies like Binance and Paxos have exited the Canadian market due to the introduction of stricter regulations.
Photo: PiggyBank/Unsplash
