Hassan Maishera
TL;DR
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Coinbase is currently in talks with major Canadian banks in a bid to promote cryptocurrencies.
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The cryptocurrency exchange began operating in Canada a few weeks ago.
Coinbase To Promote Cryptocurrencies In Canada
U.S.-based crypto exchange Coinbase is currently in talks with major Canadian banks in a bid to convince them to support the cryptocurrency ecosystem in the country.
This latest development comes a few weeks after the cryptocurrency exchange entered the Canadian market.
In an interview with CoinDesk, Lucas Matheson, the director of Coinbase’s Canada operations, revealed that he has been in contact with Canada’s tier-one banks. However, he didn’t mention the banks he is in talks with. The five largest banks in Canada are the Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce.
Matheson stated that;
“We have five banks that have the majority of Canadians banking with them, and so one of the things that I’m working on in Canada is working closely with tier one banks to start banking crypto and start supporting our industry. I’m hopeful that over the next few quarters, we will see some of our larger banks in Canada start participating in the crypto economy.”
Coinbase began operating in Canada earlier this month despite the regulatory challenges it is currently facing with the SEC in the United States. Coinbase has been impressed by Canada’s approach towards regulating crypto entities.
Matheson pointed out that Coinbase is regularly in talks with Canadian regulators, and they have been instrumental in finding the right regulatory framework for the digital asset economy.
Coinbase has already received its pre-registration undertaking (PRU) in Canada and will need to meet certain regulatory requirements by a certain date. Matheson added that;
“When we think about regulation internationally, we see two types of regulation: regulation by enforcement, like we’re seeing in the U.S., and regulation by engagement, like in Canada.”
Coinbase is focusing on educating Canadians about the advantages and importance of the decentralized system cryptocurrencies introduce. The crypto exchange is also working on expanding the payment options available in the country.
