International cryptocurrency exchange Coinbase has achieved a milestone in its expansion efforts by officially being registered as a restricted dealer by the Canadian Securities Administrators, making it the first international cryptocurrency exchange to be registered in Canada.

Canadian Registration Highlights Compliance

The registration process, which began in March 2023, underscores Coinbase's focus on regulatory compliance. By working closely with Canadian regulators, Coinbase is committed to establishing a policy framework.

Coinbase CEO Brian Armstrong applauds the efforts of Canadian regulators to clarify the cryptocurrency market. Additionally, Coinbase is working with Canadian banks, investment advisors, and pension funds to help them successfully navigate the ever-changing digital asset market.

A new survey conducted by Coinbase in partnership with Angus Reid reveals that the vast majority of Canadians (72 per cent) believe that regulation of cryptocurrency exchanges is very important. Additionally, nearly a third of Canadians (29 per cent) say they would be more inclined to buy cryptocurrencies if there was more regulation in place.

Coinbase Continues Global Expansion

Canada is recognised as an important market for Coinbase, known for its tech ecosystem and the level of awareness of cryptocurrencies among the population. Registering as a Restricted Dealer is one of several steps Coinbase is taking to expand its presence in Canada, including an official launch in August 2023 and the establishment of a Canadian technology centre.

This registration in Canada adds to Coinbase's growing number of registrations in key countries such as France, Spain, Singapore, Italy, Ireland and the Netherlands.

Meanwhile, a federal judge in Manhattan has allowed SEC to proceed with its lawsuit against Coinbase, albeit dismissing one claim. The ruling sets the stage for a potentially protracted legal battle and marks significant progress in the regulator's ongoing scrutiny of digital asset companies.