Growth of the retail crypto market in Canada by market conditions, regulation

Prospects for retail crypto trading in Canada look good, and a combination of factors, including the local regulatory environment, is likely to continue market growth.

“We've seen retail come back,” Dean Skurka, CEO of Canadian crypto-asset platform WonderFi, told Coitelegraph's Sam Burgi at the Toronto event.

Canada has experienced a fortunate convergence for crypto.

Skurka said the Bank of Canada's interest rate cut will lead to more rational spending by the public, which has led to strong interest in Bitcoin (BTC) and Ether (ETH) exchange-traded funds, with the crypto “in good shape.” [with] A wider audience” and the expected impact of the BTC halving promises to be a strong retail market.

“This is not going to happen overnight,” Skurka said, but there are signs of public acceptance of crypto. New entrants have signaled a surge in WonderFi and an all-time high BTC price. He expects to see it in the next six to 12 months.

Due to its July 2023 merger with Coinsquare, WonderFi, which had early backing from billionaire Kevin O'Leary, has acquired an impressive portfolio of crypto companies that it plans to merge into one entity. Regulatory organization.

WonderFi also acquired Bitbuy and Coinberry. Assets under management reached $1 billion by the end of 2023.

WonderFi looks abroad and appreciates home

Canadian regulators have addressed staking and the crypto spot market, and Skurka predicts that crypto derivatives — such as futures — will be the next to be regulated. As WonderFi began implementing plans to expand into the Asia-Pacific region, it gained a new perspective on Canada's regulatory environment.

Canadian regulators are “more forward looking” compared to their Asia Pacific counterparts, Skurka said. The company's experience with Canadian regulators will inform its actions in APAC markets. WonderFi will make public its move in APAC within months.

Other industry figures showed less enthusiasm for Canadian regulation. Regulations introduced by Canadian securities regulators in February 2023 have forced many crypto companies out of the country.

Related: Canada's regulatory transparency is bringing institutions to crypto – WonderFi CEO