Lucas Matheson, the director of operations for the cryptocurrency exchange Coinbase in Canada, expressed that Canadian legislators have shown less interest in the industry compared to other regulatory landscapes.
During an interview with Cointelegraph at the Collision conference in Toronto on June 18, Matheson highlighted that Canadian regulators have been more cooperative with the crypto sector than their counterparts in the United States. However, he noted a lack of significant political involvement from lawmakers in the country.
Matheson emphasized the importance of political leaders in various regions worldwide who have established strategic plans for integrating digital assets and technology into their economies. He expressed the desire to collaborate more closely with federal politicians and members of parliament in Canada to establish a robust regulatory framework.
One area where there has been engagement is in the regulation of stablecoins, where the crypto industry has worked closely with the federal government and regulators. Despite this, some exchanges like Binance and Bybit have ceased operations in Canada due to the regulatory environment.
Matheson sees Canada’s stringent regulatory framework as an opportunity to build trust with regulators, the public, and the government. Since launching in Canada in August 2023, Coinbase has been steadily navigating the country’s regulatory landscape. The exchange obtained a restricted dealer license in April, along with an international dealer license for its Canadian operations.
Canada is expected to adopt the international Crypto-Asset Reporting Framework for taxation by 2026. This regulation will introduce new tax reporting requirements for crypto exchanges and other entities dealing with digital assets.
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