- The exchange likes regulation “by engaging.”
- Coinbase is integrating a local payment network into its platform
Cryptocurrency exchange Coinbase said it likes cryptocurrency regulations in Canada.
The exchange is currently in conflict with the SEC because the U.S. lacks clarity on the regulation of digital assets.
In Canada, the rules are already defined and companies can interact with regulators.
Interference from U.S. regulators has spooked many companies and investors, who are already looking to relocate to other jurisdictions.
At the same time, Canada is also putting pressure on the industry, with several major players already leaving the country, including Binance.
Vice president of international development and business development at Coinbase, said he preferred the Canadian approach:
“We see several ways regulators can act: one, regulation by engagement; the second, regulation by enforcement.
The second option is more difficult because you don’t know what rules.
The Canadian regulator is definitely sticking with the first option, which is regulation by attraction, which we really like.”
Coinbase has been investing in this Canada for years. Lucas Matheson, the company’s director, said there are about 200 engineers working in the region. He added:
“Coinbase’s plan is to ensure a seamless transition from fiat to cryptocurrency for Canadian customers.
In the next few months we will be adding Interac payment network to our platform.”