Lucas Matheson, the director of operations for cryptocurrency exchange Coinbase in Canada, pointed out that Canadian legislators have been less involved with the industry compared to other regulatory environments.
During an interview with Cointelegraph at the Collision conference in Toronto on June 18, Matheson highlighted that Canadian regulators have shown more willingness to collaborate with the crypto industry than their counterparts in the United States. However, he noted a lack of significant political engagement from lawmakers in the country.
Matheson expressed his desire for more involvement from federal politicians and members of parliament to establish a robust regulatory framework for digital assets and technology in Canada, similar to what is seen in other global regions.
One exception to this limited engagement, according to Matheson, is the regulation of stablecoins, where the crypto industry has actively advocated with the federal government and regulators. Despite this, some exchanges like Binance and Bybit have decided to halt operations in Canada due to the regulatory environment.
Despite the stringent regulatory framework in Canada, Matheson emphasized that it provides an excellent opportunity for Coinbase to build trust with regulators, the public, and the government.
Coinbase officially launched in Canada in August 2023 and has been steadily navigating the country’s regulatory landscape. In April, the exchange obtained a restricted dealer license in Canada, along with an international dealer license for its Canadian arm.
Canada is set to adopt the international Crypto-Asset Reporting Framework for taxation by 2026, which will introduce new tax reporting requirements for crypto exchanges and other entities handling digital assets.
In related news, crypto enthusiasts are already making an impact on the upcoming 2024 election, and this trend is expected to continue.
Coinbase executive laments lack of involvement from Canadian lawmakers in crypto issues