Lucas Matheson, the country director for cryptocurrency exchange Coinbase in Canada, said Canadian lawmakers have been less engaged with the industry than in other regulatory environments.
Speaking to Cointelegraph from the Collision conference in Toronto on June 18, Matheson said Canadian regulators were “much more collaborative” with the crypto industry than those in the United States. However, according to the Coinbase executive, the country lacked significant political engagement from lawmakers.
“[There are] other geographies around the world where typically political leaders establish long-term strategic plans to incorporate digital assets and technology into their economies,” said Matheson. “We’re keen to work more closely with our federal politicians and members of parliament to ensure that we have a strong regulatory framework here in Canada.”
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According to the Coinbase Canada director, one of the exceptions to this engagement is regarding the regulation of stablecoins, in which the crypto industry “has worked very closely to advocate with [the] federal government and with regulators.” However, some exchanges, including Binance and Bybit, have ceased operating in Canada in response to the regulatory environment.
“While we have a stringent regulatory framework in Canada, it’s a really great spot for us to build trust with regulators, build trust with the public, build trust with the government,” said Matheson.
Coinbase launched in Canada in August 2023 and has made steady inroads with the country’s regulatory environment. The exchange secured a restricted dealer license in the country in April, with regulators also granting its Canadian arm an international dealer license.
Canada is expected to implement the international Crypto-Asset Reporting Framework for taxation by 2026. The regulation would impose new tax reporting requirements for crypto exchanges and other entities handling digital assets.
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