Coinbase Canada CEO Pushes for Codified Crypto Rules

Coinbase Canada CEO and country director Eric Richmond is calling for the implementation of "all-encompassing" regulation to replace Canada's current fragmented system, BetaKit reports.

According to BetaKit, Richmond argues that the existing reliance on exemption orders and staff notices from various provincial and territorial securities regulators has created a difficult environment for both authorities and firms. Richmond, a former securities lawyer who previously held roles at Tetra Trust, Coinsquare, and Shakepay, claims this patchwork approach makes compliance prohibitively expensive for entrepreneurs.

Richmond is advocating for the codification of existing rules into comprehensive acts, citing Singapore and the European Union as models for harmonization. He suggests that establishing clear "rules of the road" is essential if Canada intends to retain businesses within the sector.

Coinbase has already taken steps toward regulatory integration in Canada. BetaKit reports that in 2024, the company became the first international exchange to obtain a restricted dealer licence from the Canadian Securities Administrators. Additionally, Richmond stated that Coinbase Canada has applied for regulation by the Canadian Investment Regulatory Organization, a process he expects to conclude by early next year.

This push for clarity comes as Coinbase seeks to expand its Canadian offerings beyond its current exchange services for retail and institutional clients. Richmond intends to introduce global products including derivatives, prediction markets, blockchain-based lending, and a Visa debit card. He also expressed hope that the upcoming Stablecoin Act will provide guidance on bank issuers and permit the payment of rewards on stablecoins, noting that such assets will likely become embedded in traditional payment infrastructure.