Coinbase secures CSA approval to operate legally in Canada
A survey by Coinbase revealed that a majority of Canadians favor regulation, with 29% more inclined to invest in crypto under a regulated environment.
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Coinbase announced earlier this week it officially received Restricted Dealer certification from the Canadian Securities Administrators (CSA). This means Coinbase has met Canadian authorities’ strict requirements for crypto exchanges and can operate legally in the country.
With the latest approval, Coinbase has become the first international crypto exchange to be registered in Canada. This registration follows an Enhanced Pre-Registration Undertaking signed in March 2023, demonstrating Coinbase’s dedication to regulatory compliance and operational excellence.
“The registration is the culmination of months of hard work, starting in March 2023 when we signed an Enhanced Pre-Registration Undertaking that signified our dedication to regulatory compliance and operational excellence,” wrote Coinbase.
Coinbase claims it actively collaborated with Canadian regulators throughout the process, aiming to establish a policy framework that serves as a global benchmark for the industry. The company also applauds Canadian regulators’ efforts to bring clarity to the crypto industry.
Additionally, Coinbase notes that it has built close relationships with Canadian banks, investment advisors, and pension funds. These collaborations aim to ease these institutions’ entry into the digital asset market.
Coinbase believes regulating centralized crypto intermediaries is crucial for building trust and fostering innovation in the crypto market. A recent survey conducted by Coinbase and Angus Reid found that 72% of Canadians support crypto exchange regulation. Notably, nearly a third (29%) indicated they would be more likely to invest in crypto if regulations were in place.
The registration marks a major step in Coinbase’s ongoing efforts to establish a strong presence in Canada.
In August last year, Coinbase announced its partnership with Peoples Trust to enable Canadian users to seamlessly deposit and withdraw Canadian dollars (CAD) through Interac e-transfers. Additionally, the firm established its largest tech hub outside the US in Canada, employing nearly 200 people to develop Canadian-focused crypto products.
Coinbase has actively invested in local tech startups through Coinbase Ventures, including Dapper Labs, Minerva AI, Axelar, Horizon Blockchain Games, and Zapper.
As part of its global strategy, Coinbase has secured registrations in several key markets over the past year, including France, Spain, and Singapore. The company expects to continue collaborating with the Canadian crypto community and contribute to the broader adoption of digital assets.
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