The staff note suggested that, although the DeFi ecosystem brings a ton of innovations in the financial sector, the regulatory challenges and vulnerability limit its potential use in traditional finance.
Bitstamp’s departure from Canada is ‘timing issue,’ says CEO
Bitstamp’s decision to discontinue operations in Canada is “primarily a timing issue” related to the firm’s expansion priorities, Bitstamp USA CEO said.
Canadian regulatory body clarifies stablecoin rules for exchanges and issuers
The umbrella organization for Canada’s securities regulators has set out conditions for the trading and issuance of stablecoins.
Central banks will face unfamiliar challenges to achieve CBDC inclusivity, study says
The potential is there, but the difficulties in achieving financial inclusivity are often underestimated, a Bank of Canada study shows.
Bitcoin drives digital asset inflows for the first time in 6 weeks: Report
But Solana was the only other major asset to show inflows for the week.
Crypto Biz: Bidding war for SVB Capital, new crypto funds and Citi’s private blockchain
This week’s Crypto Biz explores SVB Capital bids, new funds from Blockchain Capital, the Hut 8-US Bitcoin merger and Citigroup’s private blockchain.
Bitbuy enters strategic partnership with Canadian crypto ATM firm Localcoin
Localcoin ATM will also be expanding its range of cryptocurrency offerings and launching a wallet app.
Canadian BTC exchange partners with Costa Rica’s largest fiat payment system
Bull Bitcoin forms a partnership with SINPE Movil, Costa Rica’s principal fiat payments system, and Bitcoin Jungle, a local crypto wallet solution.
One Year After Trudeau’s Bitcoin Warning, BTC Still Beat Inflation and S&P 500
Despite bitcoin’s tumultuous year, the world’s largest digital asset proved to be a reliable hedge against inflation. And a number of Liberal MPs own it.
Coinbase Is Talking With Canadian Banking Giants to Promote Crypto
U.S.-based crypto exchange Coinbase is in talks with Canadian banking giants, trying to convince them to support the crypto ecosystem in that nation, which the company recently entered as it grapples with regulatory uncertainty in its home country.
Coinbase Will Suspend USDT, DAI and RAI Trading for Canadian Users
The exchange expanded its services in Canada earlier this week.
Crypto Payments Gain Ground In Canada As Confidence Grows
A recent study by the Bank of Canada (BoC) revealed that crypto ownership in the country had slowed over the past two years. However, recent sentiment from Coinbase’s Country Director for Canada, Lucas Matheson, suggests Canadians are slowly warming up to crypto again.
Canadians Adopting Crypto Payments
In a conversation with Cointelegraph, Matheson mentioned that Canadians’ outlook towards digital assets is changing as they adopt it to make daily transactions. This means that crypto in the country is garnering mass adoption as service providers and consumers are using it to facilitate payment of goods and services.
Furthermore, Matheson believes that more daily use cases will arise that will be “digital asset-backed.” This belief could stem from the fact that the tokenized industry is rapidly growing with many real-world assets (RWA) being brought on-chain. Many industries are expected to be disrupted with the help of blockchain technology and non-fungible tokens (NFTs).
The E-commerce industry is one that Matheson has singled out to be significantly impacted by NFTs. He said the major use case would be “phygital” items, where fashion brands create the tokenized version of their physical products. Popular brands like Nike and Lacoste are known to have ventured into the metaverse with the introduction of their tokenized wear.
Coinbase And Key Regulations Integral
Matheson emphasized the importance of regulatory certainty and how Coinbase is contributing to the crypto industry’s growth in Canada. According to him, the crypto exchange was working closely with the Canadian authorities to build trust and help them understand the role of digital assets in building a sustainable economy.
Coinbase officially launched in the Canadian market on August 14. The company announced that it had partnered with local banks and payment platforms to ensure easy fiat on-ramp and make crypto more accessible to Canadians. Furthermore, Coinbase rolled out its Interac payment rails to enable local users “seamlessly deposit and withdraw funds (CAD) to and from their Coinbase wallets…”
Meanwhile, Canada’s lawmakers have shown commitment to backing the crypto industry in the country by providing regulatory certainty to stakeholders in the industry. In June, the Canadian House of Commons Parliamentary Standing Committee on Industry and Technology published a report highlighting the positive impacts blockchain technology could have on the economy and the need to provide regulatory clarity and protect the interests of consumers.
The report also proposed an innovative regulatory approach for cryptocurrencies, emphasizing how Canada could become a leader in the crypto economy.
With such efforts from Coinbase accompanied by regulatory certainty, Crypto adoption is bound to grow. Interestingly, the Ontario Securities Commission (OSC) claims that over 30% of Canadians plan to buy crypto by 2024.
Strict Canadian crypto exchange rules allowed Kraken clarity to invest there, exec says
Kraken’s Canada managing director told Cointelegraph in an interview that attaining restricted dealer status provided a clear regulatory pathway.
Canada’s regulatory clarity is bringing institutions to crypto — WonderFi CEO
Dean Skurka stated that although regulations have increased costs, they have also led to greater interest in crypto from institutions.
CoinSmart president says crypto taxes are a ‘little bit more favorable’ outside US
According to Jeremy Koven, Canadian crypto firms may have a better regulatory environment than ones in the United States, benefitting users in a number of ways.
In Canada, Spot Bitcoin ETFs Have Been Working for Years
Gorast Tasevski and Haan Palcu-Chang of Purpose Investments share thoughts about bitcoin ETFs – and Canada.
Coinbase VP says Canada can be a ‘global leader’ in crypto
Cryptocurrency exchange Coinbase officially launched in Canada in August and is expanding its service offerings amid a promising local crypto climate.
Canada to develop repository for storing crypto and NFT seizures
The Royal Canadian Mounted Police is seeking for a digital asset solution to facilitate the seizure and storage of cryptocurrency and non-fungible tokens.
Canadians have ‘weak incentives’ to use a CBDC: Bank of Canada
A central bank discussion paper found that the majority of Canadians have little trouble accessing financial services, which gives them little reason to use a CBDC.
Canadian police reported using Chainalysis Reactor to trace crypto crimes
Police now have the ability to trace blockchain transactions, identify suspects and determine where funds have been deposited.