Lucas Matheson, the Canadian country manager for the cryptocurrency exchange Coinbase, expressed that Canadian legislators have shown less interest in the industry compared to other regulatory jurisdictions.
During an interview with Cointelegraph at the Collision conference in Toronto on June 18, Matheson highlighted that regulators in Canada have been more cooperative with the crypto industry than their counterparts in the United States. However, he noted that there was a lack of substantial political involvement from lawmakers in the country.
Matheson emphasized the importance of political leaders in various parts of the world creating long-term strategies to integrate digital assets and technology into their economies. He expressed a desire to collaborate more closely with federal politicians and members of parliament in Canada to establish a robust regulatory framework.
One area where engagement has been successful is in the regulation of stablecoins, where the crypto industry has actively advocated with the federal government and regulators. Despite these efforts, some exchanges like Binance and Bybit have decided to cease operations in Canada due to the regulatory landscape.
Matheson acknowledged that while Canada has strict regulatory measures in place, it provides an excellent opportunity for building trust with regulators, the public, and the government.
Coinbase entered the Canadian market in August 2023 and has steadily navigated the regulatory landscape in the country. In April, the exchange obtained a restricted dealer license in Canada, along with an international dealer license for its Canadian arm.
Canada is set to implement the international Crypto-Asset Reporting Framework for taxation by 2026, introducing new tax reporting requirements for crypto exchanges and other entities dealing with digital assets.
In another development, crypto voters are already making a significant impact on the upcoming 2024 election, with disruptions expected to continue.