Coinbase, a huge crypto based company from the United States, has just made a shocking development in Canada. They’ve just secured a special license. This license is a great step in their growth and shows they’re serious about following the rules, especially when there’s a lot of attention on regulations back home.
Getting the green light
Work has certainly been done by the company to acquire this license in Canada. It’s called a restricted dealer license, which means Coinbase can officially operate in Canada according to the rules. From March 2023, lots of discussions took place with multiple regulators. Meaning that this milestone is not an overnight accomplishment. Coinbase wanted to make sure they did everything right, showing they’re committed to being a trustworthy and rule-abiding company in the world of cryptocurrency.
Coinbase isn’t new to Canada. Coinbase began services in 2023. The month at the time is August. Coinbase also teamed up with Peoples Trust Company, it is a local financial firm, this partnerships goal was to bring services to Canadians. As of April 2024, Coinbase also set up a tech hub in Canada, creating jobs for nearly 200 people. This shows they’re not just visiting; they’re here to stay and grow.
Keeping Up with Rules
Nowadays, the rules for cryptocurrency are getting stricter in Canada. The CSA wants trading platforms to be more careful, especially with how they handle customers’ money and the kinds of trading they allow. Companies such as Kraken, are also trying to meet these new standards, This trend indicates that the industry as a whole is moving towards being more careful when dealing with rules as it can be a very sensitive issue if not dealt with caution.
Conclusion
Coinbase secures a key license in Canada, This license represents something far greater. It shows how Coinbase as a whole is focusing on compliance. This license also indicates a shift towards compliance in the crypto industry
