- Coinbase plans to expand its list of products and services in Canada.
- A representative of the exchange called the country a “sandbox”.
- According to him, such products may appear in the US or Europe later.
Coinbase exchange plans to significantly expand its products and services in Canada, including by offering crypto derivatives. This is reported by CoinDesk with reference to the regional director of the exchange Lucas Matheson.
Regulatory background in Canada
In February 2023, local authorities significantly tightened oversight of the industry. Cryptocurrency exchanges were given a month to register, otherwise companies had to leave the local market.
In March 2023, the media announced that such platforms as OKX, Binance, Deribit intend to leave the country. However, Coinbase remained and announced plans to undergo registration.
In August 2023, the exchange partnered with local payment solutions provider Peoples Trust Company to integrate Interac’s infrastructure.
Further development
According to Matheson, regulation of the cryptosphere in Canada could become a standard for the rest of the world. He noted that Coinbase is in the process of registering as a dealer.
“The principles of regulation in Canada allow companies to introduce new products and services,” Matheson emphasized.
In the near term, Coinbase plans to launch open-ended futures on crypto-assets and other derivatives on the local market, he noted. Matheson also said that the exchange is in active dialog with the authorities to update the regulatory framework.
To this end, the company has joined the non-profit organization Canadian Web3 Council. Its goal is to soften regulation in the country, Matheson noted. He called the withdrawal of large platforms from the market a direct consequence of some of the reforms.
However, he praised the chances of new solutions launching. Matheson noted that Canada is a “sandbox” for testing products that could later appear in the U.S. or Europe.
