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Coinbase, the prominent cryptocurrency exchange, has achieved a milestone by securing a license to operate in Canada, according to a recent report from CNBC. This strategic move not only signifies Coinbase’s resilience in the face of regulatory scrutiny in the United States but also marks its ambitious push to bolster its international presence.
Regulatory Milestone
The exchange has been granted registration in Ontario as a limited dealer under the Canadian Securities Administrators (CSA), a collective forum of Canada’s provincial and territorial securities regulators. This achievement is the culmination of nearly three years of diligent efforts, particularly with the Ontario Securities Commission over the past year.
Lucas Matheson, Coinbase’s Country Director for Canada, highlighted the significance of this registration, stating, “It’s something we’ve been working on for almost three years here in Canada, specifically with the Ontario Securities Commission over the last 12 months.” Matheson emphasized that this makes Coinbase the first international and most significant cryptocurrency exchange registered in Canada, positioning the platform to significantly contribute to Canadians’ access to the digital economy.
A Strong Brand in Compliance
The acknowledgment of Coinbase as a publicly traded company committed to compliance has been a crucial factor in its success. “We have a strong brand here in Canada as a publicly traded company committed to compliance, and registration more broadly in the world,” Matheson remarked.
This license in Canada follows Coinbase’s recent regulatory successes in other jurisdictions. Late last year, the company received a license to operate in France from the French stock market regulator (AMF), allowing it to provide virtual asset service provider (VASP) services. Furthermore, in April 2023, the Bermuda Monetary Authority (BMA) approved Coinbase to operate as a regulated entity in the British Island Territory.
Expanding Global Footprint
Coinbase’s expansion into Canada is not just a testament to its adaptability and compliance-focused approach in navigating the complex global regulatory landscape; it also underscores the platform’s commitment to making the digital economy accessible to a wider audience. With its sights set on further international expansion, Coinbase is paving the way for broader adoption of cryptocurrency and blockchain technology worldwide.
As the cryptocurrency market continues to evolve, Coinbase’s strategic moves in Canada and beyond will be closely watched by investors and enthusiasts alike, keen on understanding how regulatory frameworks and market dynamics shape the future of digital finance.
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