Canada may benefit as US finally gets BTC ETF – Coinbase exec
Canadians Bitcoin (BTC) exchange-traded funds (ETFs) have been available since the beginning of 2021, but since their neighbors to the south have similar opportunities, there may be subtle effects on the market, Coinbase Canadian Director Lucas Matheson told Cointelegraph.
Matheson hailed Canadian regulators as “leading the world.” Spot BTC EFTs have gradually integrated into the larger Canadian financial system since their introduction and are becoming part of family office holdings, tax benefits and other mainstream financial products, Mathieson said.
The United States Securities and Exchange Commission's decision to approve spot BTC ETFs “validates cryptocurrencies as an asset class and builds credibility for the industry as a whole,” Matheson said.
“For Canadians curious about cryptocurrency, it's time to encourage everyone to learn about digital assets as we usher in a new wave of crypto adoption.”
Canadian BTC ETF holders will benefit from the SEC decision. Canadian BTC ETF issuers may feel some competition from the United States, but “the US is known for strong fees.
DeFi growth will help push crypto's share of global money supply above 2% https://t.co/SU9FgxfrCq
— Coinbase Canada (@CoinbaseCAN) May 16, 2021
“Crypto is here to stay, and Coinbase couldn't be happier,” Matheson concluded.
Related: Bitcoin ETF: ‘News Selling' Phenomenon or Critical Crypto Adoption Moment?
Coinbase officially launched in Canada in August, three months after Bybit and Binance left the country in response to new regulatory guidelines. Stablecoins became a source of uncertainty for crypto exchanges after Canadian securities regulators imposed restrictions on transactions from “quoted crypto assets”. That situation became clear after several rounds of additional guidance, the last of which appeared in October.
Local crypto exchanges reached $1 billion in assets under management in December.
Magazine: Best and worst countries for crypto tax — plus crypto tax tips
