Is Coinbase getting ready to permanently leave the United States ? HAS lack of clear regulations, Brian Armstrong promised to move abroad. But until nowthe Biden administration struggles to establish a legal framework to regulate cryptocurrencies. What the press recently shared suggests that Coinbase is breaking up the San Francisco-based parent company.
Coinbase drops anchor in Canada
After Bermuda, Canada. Would Brian Armstrong have put the exchange evacuation plan in execution? The absence of clear regulation in the United States, coupled with an increasingly aggressive SEC (author ofa lawsuit against Coinbase), could well motivate such a decision.
” Coinbase Expands Service Offering in Canadian Market – VP of International and Business Development Says Country is Well-Positioned to Be a ‘world leader’ in the cryptocurrency industry. »
In a recently published article on BusinessWirethe landing of Coinbase in Canada is associated with an international expansion plan for the Californian company. In the eyes of the administrations of this American crypto exchange, the country with the maple leaf is indeed akin to a “priority Go Deep” market.
Thus, the time of deployment of new offers rang for the Canadians. There is no doubt that this will strengthen the ties already woven in the past.
” Coinbase announces its official entry into the Canadian marketbacked by Interac Payment Rails integration, with leading banking and payments partners, enabling seamless fund transfers, and theintro to Coinbase One – a 30-day trial offering zero trading fees, enhanced staking rewards, and priority support for Canadian users “, can we read on the blog from Coinbase.
To note that People Trust Companya Canadian financial services company attached to Peoples Group, supported Coinbase in this process.
Why Canada?
Several reasons pushed Coinbase to set foot on Canadian soil. Here are a few :
” Why Canada, will you tell me? Our decision to delve into the dynamic landscape of Canadian cryptocurrency was guided by a myriad of compelling factors. Ranked as the third most crypto-aware country, Canada boasts a enthusiastic local tech ecosystem which, combined with its progress towards a strong regulatory frameworkpositions it as a potential leader of the global crypto economy. This sentiment is reinforced by the Ontario Securities Commission survey, which indicates that more than 30% of Canadians are ready to venture into the world of crypto-assets during the year “, continue Nana Murugesan and Lucas Matheson.
Furthermore, it should be pointed out that Coinbase has ratified a Pre-Registration Undertaking (PRU), or pre-registration commitment, with Canadian authorities last March. This empowers the cryptocurrency exchange to work closely with local regulators and policy makers in crafting a strong regulatory framework for the crypto industry.
Around the same time, Coinbase also:
- hired Lucas Matheson as director of its Canadian subsidiary;
- put in place a technology center with 200 employees full-time to promote its products;
- pushed Coinbase Ventures to invest in several Canadian start-ups for the purpose of promoting innovation and local entrepreneurship;
- etc.
Coinbase in Canada, what advantages?
Several amenities become accessible to Canadians after this Coinbase landing. Among others we will cite:
- THE instant deposit and withdrawal of funds from/to their Coinbase wallets via Interac;
- the possibility of testing Coinbase One for a month;
- of the increased staking rewards ;
- direct bank transfers by ETF;
- daily limits for large transactions;
- etc.
All in all, the inconvenience caused by the SEC never stopped Coinbase from moving forward. Regulatory challenges can indeed marry with technological innovations, and the expansion of the crypto empire around the world.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
