Lucas Matheson, the director of Coinbase Canada, highlighted the significant impact of spot Bitcoin ETFs trading in Canada since early 2021 and suggested that similar opportunities for neighboring countries could influence the market. He commended Canadian regulators for leading the world in this area.
Matheson noted the gradual integration of Spot Bitcoin ETF products into the broader Canadian financial system, becoming a standard part of corporate assets, tax-advantaged funds, and other mainstream financial products. Access NEWSLINKER to get the latest technology news.
He stated that the U.S. Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETF applications validates cryptocurrencies as an asset class and adds credibility to the industry. Matheson encouraged Canadians to learn about crypto assets and anticipated benefits for Canadian Bitcoin ETF holders from the liquidity generated by the SEC’s decision.
Coinbase officially launched operations in Canada in August, three months after Bybit and Binance left due to new regulatory guidance, positioning itself favorably in the legal regulatory process for the crypto market.
Canadian Securities Administrators imposed restrictions on transactions with crypto assets tied to value references, causing uncertainty for stablecoin assets on crypto exchanges. This clarity improved following several rounds of additional guidance, with local crypto exchanges reaching $1 billion in managed assets in December.