Coinbase Approved for Restricted Dealer License in Canada
Coinbase's recent expansion into Canada marks a significant milestone as it secures the coveted "restricted dealer" registration, positioning itself as the largest registered cryptocurrency exchange in the jurisdiction.
This achievement comes after a rigorous process of seeking approval from the Canadian Securities Administrators (CSA), aligning with the country's evolving crypto regulations.
The issuance of this registration by the Ontario Securities Commission (OSC) not only signifies regulatory compliance but also paves the way for Coinbase to operate with official government approval, a feat that has been elusive in its home country, the United States (US).
Lucas Matheson, the CEO of Coinbase Canada, expressed in a statement:
"This is a significant milestone in Coinbase's journey in Canada.”
The approval mentioned that:
"While registered as a restricted dealer, the Filer intends to apply for registration as an investment dealer, and to seek membership with the Canadian Investment Regulatory Organisation (CIRO, formerly IIROC) and registration as an alternative trading system (ATS).”
With this new authorisation, Coinbase is now formally recognised as a legally operating cryptocurrency firm in Canada.
The announcement continued with:
"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.”
The registration data from the CSA reveals two distinct Coinbase entities in Canada: Coinbase Incorporated, registered as a restricted dealer, and Coinbase Canada, designated as an international dealer.
The unique status of a restricted dealer entails meeting specific regulatory criteria tailored to firms with such designations, as outlined by regulators.
Meanwhile, international dealers like Coinbase Canada have limitations on trading with Canadian customers, particularly in certain securities.
Despite these regulatory nuances, Coinbase's commitment to Canada is evident, with the establishment of a tech hub boasting nearly 200 full-time local employees as of April 2024, underscoring its dedication to fostering innovation and growth in the Canadian cryptocurrency landscape.
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