As regulatory pressure ramps up in the United States, Coinbase has praised Canada’s approach to cryptocurrency. The leading cryptocurrency exchange is impressed with Canada’s clear regulatory framework and the country’s ongoing efforts to promote innovation within the sector.
Coinbase, which boasts over 56 million users, is one of several companies facing increased pressure from U.S. regulators. The Securities and Exchange Commission (SEC) recently threatened to sue Coinbase if it launches a lending program for its customers.
In contrast, Canada’s regulatory approach has been hailed as a model for the rest of the world. The country has taken steps to combat money laundering and promote financial stability, while still allowing for innovation in the crypto space.
Coinbase’s Head of Policy, Michael Lempres, has praised Canada’s approach, noting that “Canada’s regulatory structure is quite well-developed…They have a strong rule of law, strong regulators, and strong consumer protection.”
Lempres also praised the country’s proactive approach to crypto regulation, saying that Canada’s regulators are “quite progressive” and “work collaboratively with industry participants.
Canada’s crypto-friendly approach has already attracted significant investment in the sector, with several cryptocurrency mining companies setting up operations in the country. As more U.S. companies face regulatory pressure at home, Canada’s clear and supportive approach to cryptocurrency regulation may make it an increasingly attractive destination for the industry.
While Coinbase continues to face regulatory challenges in the U.S., the company remains optimistic about the future of crypto. As Lempres notes, “We’re confident that regulators will come around to see that this is positive for markets.”
In the meantime, it seems that Coinbase and other companies may be increasingly looking to Canada as a welcoming and supportive environment for crypto innovation.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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