Canada Lacks Lawmaker Engagement on Crypto: Coinbase Exec
2 min read
Canada Lacks Lawmaker Engagement on Crypto: Coinbase Exec
Lucas Matheson, the country director for Coinbase in Canada, recently discussed Canada’s stance towards the cryptocurrency industry. Speaking at the Collision conference in Toronto on June 18, Matheson highlighted the difference between Canadian regulators and those in the United States. He noted that Canadian authorities have cooperated more with the crypto sector compared to their American counterparts. He pointed out that Canadian politicians have not shown significant engagement with the crypto industry.
Matheson emphasized that in other parts of the world, political leaders are more proactive about creating long-term strategies for integrating digital assets and technology into their economies. He expressed a desire to collaborate more closely with federal politicians and members of parliament to establish a robust regulatory framework in Canada. The aim is to ensure that the country remains competitive and provides a welcoming environment for crypto innovation.
The Coinbase Canada director acknowledged that there have been certain areas, such as the regulation of stablecoins, where the crypto industry and federal government have worked closely together. There remains a noticeable lack of broader political engagement. In spite of this, Matheson remains optimistic about fostering stronger relationships between the crypto industry and Canadian lawmakers.
Regulatory challenges have driven some major crypto exchanges, including Binance and Bybit, to cease their operations in Canada. Matheson admitted that Canada’s regulatory framework is stringent but believes it offers an opportunity to build trust with various stakeholders, including regulators, the public, and the government. He views this as a significant step towards establishing a reliable and transparent market for digital assets in Canada.
Coinbase entered the Canadian market in August 2023 and has progressively navigated the country’s regulatory landscape. In April, the company obtained a restricted dealer license, followed by an international dealer license granted to its Canadian branch. These milestones reflect Coinbase’s commitment to adhering to Canada’s regulatory requirements while expanding its footprint in the country.
Canada is preparing to implement the international Crypto-Asset Reporting Framework for taxation by 2026. This new regulation will introduce additional tax reporting obligations for crypto exchanges and other entities dealing with digital assets. Matheson sees this as an essential part of creating a transparent and accountable ecosystem that benefits all parties involved.
While the evolving regulations present both challenges and opportunities, Matheson remains confident about the potential for growth and innovation within Canada’s crypto industry. He believes that a collaborative approach will be essential in developing a regulatory environment that supports technological advancement while protecting consumers and maintaining market integrity.
Matheson envisions a future where Canada can serve as a model for other countries in terms of integrating digital assets into their economies. By fostering a cooperative relationship between the crypto industry and government, he hopes to create a strong foundation for sustainable growth and development in the digital economy.
Why do our politicians always seem to be so far behind when it comes to tech innovation? This lack of political engagement is disappointing.
Great to see Canadian regulators working more closely with the crypto sector. Matheson’s leadership is truly inspiring!
Canadian regulators cooperating more with the crypto sector is a win for everyone. Matheson’s work will set a global standard!
Canada is fortunate to have crypto advocates like Lucas Matheson. His insights and dedication are moving the industry forward!
Lucas Matheson nailed it at Collision. His proactive stance on collaboration is just what we need!
Dreaming about Canada serving as a model for other countries when we can’t even get broad political engagement is laughable.
Matheson gives me hope for the future of crypto in Canada. Regulatory challenges won’t hold us back with this kind of leadership! 🙌🇨🇦
Lucas Matheson at Collision highlighted why Canada is becoming a key player in crypto. Loving his vision and commitment!
The collaborative approach towards crypto regulation in Canada, championed by Matheson, is setting a global example!
This is exactly the kind of leadership we need in the crypto industry! Kudos to Lucas Matheson and Coinbase Canada! 💪🪙
Mathesons vision for a collaborative regulatory framework is exactly what the digital asset ecosystem needs. Go, Canada!
Feeling optimistic about crypto in Canada after Matheson’s talk. His balanced approach to regulation is refreshing!
Matheson’s optimism about crypto innovation in Canada is contagious. Exciting developments ahead!
Appreciate the proactive approach Canada is taking towards crypto regulations. Matheson is paving the way for innovation!
More regulation doesn’t build trust; it builds barriers. The government needs to get more involved, not just more restrictive.
Appreciating the balanced regulatory approach in Canada highlighted by Matheson. This is a positive step forward for the industry!
Fantastic to see leaders like Lucas Matheson steering the conversation towards balanced crypto regulations in Canada. The future looks promising! 🌟💼
Lucas Matheson is doing an incredible job at championing crypto in Canada. His insights at the Collision conference were spot on!
Matheson sounds optimistic, but let’s be real—Canada’s regulatory landscape is still too stringent. Binance and Bybit leaving are not good signs! 😤
Lucas Mathesons commitment to a robust and transparent crypto market is inspiring. Canada is on the right track!
Great insights from Lucas Matheson at Collision. His dedication to creating a welcoming environment for crypto in Canada is commendable! 🌟🪙
Lucas Matheson’s speech at Collision made me optimistic about the future of crypto in Canada. He’s truly a visionary! 🌟🚀
It’s all well and good to talk about cooperation, but the lack of federal initiative is glaring and unacceptable. Canada needs to step up!
Optimism is great, but it feels misplaced. Until theres real political will, Canada’s crypto scene will struggle to thrive.
Excited to see how Matheson’s vision will shape the future of crypto in Canada. Great work at the Collision conference! 🌍🪙
Lucas Matheson’s points about regulatory cooperation are vital for a healthy crypto ecosystem. Proud of the progress in Canada!
The future is bright for crypto in Canada, thanks to leaders like Lucas Matheson who are pushing for thoughtful regulations.
Canadian crypto regulations are headed in the right direction thanks to Lucas Matheson. Exciting times ahead!
Honestly, I find it super frustrating that Canadian politicians aren’t taking crypto seriously. We need more engagement at the federal level!
So Binance and Bybit left because of our ‘robust’ framework? I call that a fail, not an opportunity. 🙄