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Coinbase and Kraken Double Down on Canadian Crypto Regulations

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According to reports, Coinbase stated in its latest blog post that it had signed an enhanced pre registration commitment with Canadian regulators on March 24th, and had appointed f

Coinbase and Kraken Double Down on Canadian Crypto Regulations

According to reports, Coinbase stated in its latest blog post that it had signed an enhanced pre registration commitment with Canadian regulators on March 24th, and had appointed former Shopify executive Lucas Matheson as its Canadian director. Matheson previously worked at Shopify for five years, leading operations and strategic expansion. He will manage over 200 engineers at Coinbase. According to the previous news, Kraken, a crypto exchange, has also submitted a pre registration commitment to the Ontario Securities Commission, Canada, and is committed to complying with stricter regulations established by the Canadian Securities Administration (CSA).

Coinbase has signed a pre registration commitment with Canadian regulators

As the world of cryptocurrency continues to expand and capture the attention of mainstream investors and regulators, Coinbase and Kraken have taken proactive steps to comply with Canadian regulations. Coinbase announced in its latest blog post that it had signed an enhanced pre-registration commitment with Canadian regulators on March 24th. Meanwhile, Kraken has submitted a pre-registration commitment to the Ontario Securities Commission (OSC), showing its commitment to comply with stricter regulations established by the Canadian Securities Administration (CSA).

What is Pre-registration?

Pre-registration is an essential step for crypto exchanges that want to operate in Canada. It is a process where these exchanges apply to regulators for approval to operate in the country by revealing their business model, key personnel, and planned services. Regulators typically review information submitted in the pre-registration application to determine whether the exchange meets the regulatory standards needed to operate as a crypto business. Once an exchange is pre-registered, it can operate in the country without having to apply for a full license.

Coinbase’s Commitment to Canadian Regulations

Coinbase’s latest blog post emphasized the company’s commitment to regulatory compliance. The company’s enhanced pre-registration commitment means that it will undergo increased regulatory scrutiny in Canada. As part of the commitment, Coinbase has appointed Lucas Matheson as its Canadian director. Matheson previously worked for five years at Shopify, leading operations and strategic expansion. He will manage over 200 engineers at Coinbase to ensure that the company complies with all required regulations in Canada.

Kraken’s Compliance with Canadian Securities Standards

Kraken’s pre-registration commitment to the OSC demonstrates the company’s commitment to complying with strict regulations established by the CSA. According to Kraken, the company has met with regulators to discuss its business model and planned services. Kraken’s submission comes at a time when regulatory pressure against crypto businesses in Canada is increasing. In February, the OSC accused Coinzeus, a Canadian cryptocurrency exchange, of regulatory violations. The OSC also considers pursuing action against other exchanges for operating without proper licenses.

Conclusion

As cryptocurrency emerges as an asset class with increasing mainstream acceptance, regulatory bodies worldwide seek to govern this emerging field. Coinbase and Kraken’s efforts towards increased transparency and regulatory compliance are indicative of wider trends in the crypto space. By working with regulators towards compliance, crypto exchanges may pave the way for wider adoption of cryptocurrency as a valuable asset class.

FAQs

1. What is pre-registration in cryptocurrency?
Pre-registration in cryptocurrency is a simplified regulatory procedure that allows cryptocurrency exchanges to operate in Canada by applying for approval from the regulators.
2. What is regulatory scrutiny?
Regulatory scrutiny refers to the increased level of control exerted by regulatory bodies over certain businesses or industries. Cryptocurrency exchanges are subject to extensive regulatory scrutiny to ensure proper compliance.
3. Will Coinbase and Kraken’s efforts towards compliance benefit the cryptocurrency industry as a whole?
Yes. Coinbase and Kraken’s efforts towards transparency and compliance may encourage regulators to embrace cryptocurrencies more fully as asset classes, leading to further mainstream adoption.

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