Canada needs to overhaul crypto regulations —Coinbase exec

Coinbase country director for Canada, Lucas Matheson, took the stage at the Blockchain Futurist Conference on Aug. 13 to discuss the state of Canadian digital asset regulation and promote the newly expanded Stand With Crypto initiative.

Matheson argued that although Canada’s regulatory framework is already robust, the country still needs to modernize crypto regulation.

The director noted that 85% of countries will be adopting comprehensive regulatory frameworks for digital assets over the next year and urged the importance of public dialogue in educating public officials about the importance of cryptocurrencies. Coinbase’s Canadian director summed up the long-term goal for 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.”

Matheson concluded his presentation by directing audience members to sign up for the advocacy group.

Related: Canadian crypto exchanges face deadline for CIRO membership.

Coinbase launches Stand With Crypto in Canada

Coinbase launched the Stand With Crypto initiative in Canada in July of 2024, following the success of the political advocacy group in the United States.

When the advocacy group launched, Matheson said that Canadian regulators tended to be much more cooperative with the industry than American regulators but noted that input from elected politicians was lacking.

Binance cited changes in stablecoin policy and investor limits outlined in the 2023 regulation as the main drivers for the company’s exit from the country.

Economic freedom comes under fire in Canada

In 2022, Canadian Prime Minister Justin Trudeau invoked the Emergencies Act in response to the Freedom Convoy trucking protests against the country’s COVID-19 lockdown policies, freezing cash and crypto donations to the protesters. The move sparked widespread criticism of his administration’s policies.

The backlash brought the topic of economic freedom into sharper focus. In January 2024, a Canadian federal judge ruled that the government overstepped its authority by invoking the Emergencies Act and freezing crypto donations to the protestors.

Magazine: Terrorism and Israel-Gaza war weaponized to destroy crypto.