Coinbase Plans to Launch Crypto Derivatives in Canada
Date: 2024-02-20 Author: Dima Zakharov Categories: BUSINESS
Expanding Product Range in Canada
Coinbase is gearing up to significantly broaden its products and services in Canada, including the introduction of cryptocurrency derivatives. Lucas Matison, the regional director of the exchange, shared this plan, emphasizing Canada's role as a testing ground for innovative financial products.
Regulatory Landscape in Canada
In February 2023, Canadian authorities tightened regulations on the cryptocurrency industry, mandating registration for crypto exchanges within a month, or else companies would have to exit the local market. Amidst this regulatory shift, some platforms like OKX, Binance, and Deribit expressed intentions to leave the country, while Coinbase stayed, announcing plans for registration.
Strategic Partnerships and Future Prospects
In August 2023, Coinbase forged a partnership with a local payment solutions provider, Peoples Trust Company, aiming to integrate Interac infrastructure. Matison highlighted that Canada's regulatory principles could set a global standard, noting Coinbase's ongoing registration process as a dealer.
Matison stated that Coinbase plans to introduce perpetual futures on cryptocurrencies and other derivatives in the near future. Moreover, the exchange is actively engaging with authorities to update the regulatory framework. By joining the Canadian Web3 Council, a non-profit organization, Coinbase aims to advocate for more favorable regulations in the country. Matison described Canada as a "sandbox" for testing products before potential expansion into the US and Europe.
