Coinbase Supports Crypto Ecosystem Growth In Canada

Coinbase crypto exchange. (Photo; Doc. Bitcoin Leef)

JAKARTA - Lucasploy, Director of Coinbase Canada, is reportedly in discussion with leading banks in Canada to support the crypto ecosystem. This key banks strive to support banking cryptocurrencies and participate in the development of this industry.

Despite not mentioning the names of the banks, there are five top-level banks in Canada known as the "Large Five." They include the Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce.

"Hopefully, in the next few quarters, we'll see big banks in Canada play a role in the crypto economy", Myr said.

Canada, One Of The Most Crypto-Friendly Countries

Canada ranks third as the most crypto-friendly country in the world. A recent survey by the Ontario Securities Commission revealed that 30% of respondents intend to buy crypto assets in the coming year.

However, despite growing interest, the country recently implemented stricter rules on the crypto ecosystem. This step was taken after the collapse of QuadrigaCX. In response, all crypto exchanges were given a deadline until March to comply with stricter regulations or exit Canada.

In the midst of these conditions, Binance, OKX, Paxos, Blockchain.com, and Deribit opted out of Canada. On the other hand, Coinbase entered the Canadian market officially. To date, this exchange has undergone a pre-registration (PRU) process. If it meets regulatory requirements, Coinbase Canada will obtain a limited dealer license. This allows exchanges to offer certain leveraged products to investors.

As part of an expansion effort, Coinbase Canada collaborated with Trustly recently. This collaboration allows Canadian users to make direct deposits and withdraw funds to and from crypto wallets through their bank accounts.

According to Nana MuRGesan, Vice President of Coinbase International and Business Development, "Canada has a good position to become a global leader in the crypto economy."

In his remarks, Coinbase appreciated the progressive approach taken by Canada in regulating crypto. Unlike the United States which tends to go through a law enforcement approach,omega argues that Canada is implementing regulations with engagement. This, according to him, will help the country develop a suitable framework for the crypto industry.

While other exchanges are trying to get full permission, badminton notes that Coinbase Canada will educate Canadians about the benefits and importance of decentralized systems. He also plans to expand payment options in Canada in the near future.