Coinbase has announced securing a restricted dealer license in Canada, marking a significant milestone for the U.S.-based exchange. This makes Coinbase the first and largest international cryptocurrency exchange to be registered in the country.
Having officially launched in Canada nearly eight months ago, Coinbase’s latest announcement of securing registration as a restricted dealer underscores its commitment to expanding its presence in global markets outside the United States. This move aligns with Coinbase’s strategy amidst challenges it has faced in its home market, including regulatory scrutiny from the Securities and Exchange Commission.
Expressing enthusiasm about obtaining the restricted dealer license, Coinbase highlighted its collaboration with Canadian banks, investment advisors, and pension funds. The company emphasized its dedication to facilitating the successful navigation of the evolving digital asset landscape for these entities.
Coinbase’s efforts in Canada have been bolstered by the appointment of a country director approximately a year ago. Additionally, the exchange cited a study it contributed to, revealing that nearly one-third of Canadians would be more inclined to purchase cryptocurrency if there were more regulatory measures in place.
As of late last year, WonderFi held control over almost half of all regulated exchanges operating in Canada, reflecting the growing interest and participation in the cryptocurrency market within the country.
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