Market factors and regulations fuel growth of retail crypto market in Canada

The future of retail crypto trading in Canada appears promising, with various factors, including the local regulatory framework, expected to fuel market expansion.
During the Collision event in Toronto, Dean Skurka, the CEO of Canadian crypto platform WonderFi, spoke with Cointelegraph’s Sam Bourgi about the resurgence of retail interest in cryptocurrencies.
Skurka attributed Canada’s advantageous position in the crypto space to a combination of factors, such as the recent interest rate cut by the Bank of Canada, leading to increased consumer spending. Additionally, the growing popularity of Bitcoin (BTC) and Ether (ETH) exchange-traded funds has made cryptocurrencies more appealing to a wider audience. The upcoming BTC halving is also anticipated to contribute to a thriving retail market.
While acknowledging that the transition may not happen immediately, Skurka pointed out positive signs of public acceptance towards crypto. He highlighted a surge in new sign-ups at WonderFi coinciding with the record-breaking price of BTC, indicating a growing interest in the market. He expects this trend to continue over the next six to twelve months.
WonderFi, which received early support from billionaire Kevin O’Leary, has expanded its portfolio by acquiring leading crypto firms like Coinsquare, Bitbuy, and Coinberry. With over $1 billion in assets under management by the end of 2023, WonderFi is poised for further growth.
In terms of regulatory developments, Canadian authorities have made progress in addressing staking and the crypto spot market. Skurka anticipated that the regulation of crypto derivatives, such as futures, would be the next focus. As WonderFi sets its sights on expanding into the Asia-Pacific region, the company is leveraging its experience with Canadian regulators to navigate new markets effectively.
While some industry experts have expressed concerns about Canadian regulations, citing the withdrawal of several crypto firms due to rules introduced by the Canadian Securities Administrators in February 2023, WonderFi remains optimistic. Skurka emphasized that Canadian regulators are more advanced compared to their counterparts in the Asia-Pacific region, giving the company a competitive edge in its expansion efforts.
WonderFi plans to disclose its activities in the Asia-Pacific region in the coming months, showcasing its commitment to global growth while maintaining a strong presence in its home country.