Coinbase Taps Registration License to Operate its Business in Canada

Coinbase, one of the leading cryptocurrency exchanges, has secured a registration license in Canada, signaling its expansion into new international markets amid regulatory challenges in its home country, the United States. As per the announcement, this achievement grants Coinbase the authority to operate as a restricted dealer under the Canadian Securities Administrators (CSA) in Ontario, paving the way for the company to establish a strong presence abroad.

Coinbase to Expand its Services in Canada

The decision to obtain a Registration license in Canada comes when it faces increasing scrutiny and regulatory crackdowns in the US. Interestingly, the company says it is the first international crypto exchange to obtain Canada-restricted dealer registration. 

By expanding its operations into Canada, Coinbase aims to diversify its footprint and tap into new markets with more favorable regulatory environments. Canada has emerged as a hub for cryptocurrency innovation, with a regulatory framework more welcoming to digital asset businesses than other jurisdictions.

Furthermore, securing the Registration license in Ontario allows Coinbase to offer its suite of cryptocurrency services to Canadian investors, including buying, selling, and trading digital assets in compliance with local regulations. This move enables Coinbase to cater to the growing demand for cryptocurrencies in Canada and strengthens its position as a global leader in the digital asset space.

Coinbase to Bring Derivatives Products to Canada

In February, the exchange confirmed its readiness to bring derivatives products to Canada, including perpetual futures contracts. As per a report, Coinbase believes “it is a natural extension of the spot market and an opportunity for the ecosystem to introduce products and services using digital assets that are efficient and trusted,” stated Lucas Matheson, the firm’s Canada country director.

To expand its interests in the region, Coinbase joined the Canadian Web 3.0 Council, a multi-party non-profit organization seeking to ease the recent legislative and regulatory initiatives in Canada.

Coinbase Pushes for Global Prominence

Recall that the US-based exchange said its push toward an offshore derivative exchange is part of its strategy to be globally known internationally across six continents. Also, Coinbase has been granted a regulatory license in Bermuda to launch an offshore derivative exchange.

Meanwhile, the company said it has upgraded its retail platform for its Singaporean customers, launched crypto services in Brazil, and is seeking a regulatory license in Abu Dhabi.