Coinbase Country Director for Canada Lucas Matheson attended the Blockchain Futurist Conference. He talked about the current state of Canadian digital asset regulation and highlighted the newly expanded Stand With Crypto initiative.
Matheson argued that while Canada’s legal system is already strong, there is still a need to modernize its crypto regulations. Moreover, the director highlighted that 85% of countries are expected to adopt comprehensive digital asset regulatory frameworks within the next year.
He emphasized the importance of public dialogue in educating officials about the significance of cryptocurrencies. In addition, the Canadian director of Coinbase outlined the long-term goal of Stand With Crypto’s advocacy:
Canada frankly has a lot of work to do to change laws, and the goal is to change laws in Canada so that we can increase economic freedom and update the financial system in Canada.
Coinbase introduces Stand With Crypto in Canada
In July 2024, Coinbase launched the Stand With Crypto initiative in Canada, building on the success of the political advocacy group in the United States. When the advocacy group launched, Matheson noted that Canadian regulators were generally more cooperative with the industry than their American counterparts.
Binance cited changes in stablecoin policies and investor limits specified in the 2023 regulations as the primary reasons for the company’s departure from the country.
Canada’s economic freedom faces scrutiny
Moreover, in 2022, Canadian Prime Minister Justin Trudeau applied the Emergencies Act to address the Freedom Convoy, trucking rallies against the nation’s COVID-19 lockdown measures and freezing both crypto and cash donations to the protesters. This decision led to extensive criticism of his administration’s policies.
However, the backlash intensified the focus on economic freedom. Consequently, in January 2024, a Canadian federal judge determined that the government had exceeded its authority by enacting the Emergencies Act and freezing crypto donations to the protesters.
Related | Venture capitalist predicts crypto growth over 5 years
