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One of the leading cryptocurrency exchanges, Coinbase, recently announced its registration in Canada. The news marks a notable step in the company's strategic global expansion efforts.
In its official statement, the exchange reported that it is now officially registered as a Restricted Dealer by the Canadian Securities Administrators (CSA).
“Today we are pleased to share a crucial milestone in Coinbase’s journey in Canada. Coinbase has been officially registered as a Restricted Dealer by the Canadian Securities Administrators (CSA). This makes Coinbase the largest and first international cryptocurrency exchange registered in Canada,” stated.
It is worth noting that, in March 2023, Coinbase signed an Enhanced Pre-Registration Commitment. In August, the exchange announced the official launch in Canada. “This was marked by the full implementation of Interac payment rails in partnership with Peoples Trust, enabling all Canadian Coinbase users to deposit and withdraw funds (CAD) to and from their Coinbase wallets through Interac. electronic transfers. This is helping to make crypto more accessible to millions of Canadians.”
It is worth remembering that Canada implemented new guidelines for cryptocurrency exchanges in 2023. Given this, in May, the largest cryptocurrency exchange, Binance announced the closure of its operations in the country, citing an increasingly challenging regulatory environment in Canada.
Canada reinvents rules for cryptocurrency investment funds
The Canadian Securities Administrators (CSA), in a significant move in the cryptocurrency market, released on January 18 a series of proposed changes to regulations related to how public investment funds deal with cryptographic assets. These changes, still in the consideration phase, aim to establish specific restrictions on the activities of public investment funds in relation to cryptocurrencies, as well as define standards for the custody of these assets.
Under the proposed new scheme, only certain types of funds – more precisely, alternative investment funds and non-redeemable investment funds – would be allowed to directly buy, sell or hold crypto assets. This marks a significant change from the current approach, where traditional mutual funds can also have direct access to these assets. Now, they would need to invest through authorized funds to gain exposure to the cryptocurrency market.
