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Lucas Matheson, the Country Director for Coinbase in Canada, has pointed out a notable lack of engagement from Canadian lawmakers with the cryptocurrency industry compared to other regulatory environments globally.
During an interview at the Collision conference in Toronto on June 18, Matheson praised Canadian regulators for being “much more collaborative” with the crypto industry than their counterparts in the United States. However, he noted that significant political engagement from lawmakers was still lacking.
“[There are] other geographies around the world where typically political leaders establish long-term strategic plans to incorporate digital assets and technology into their economies,” Matheson stated. “We’re keen to work more closely with our federal politicians and members of parliament to ensure that we have a strong regulatory framework here in Canada.”
One exception, according to Matheson, is the regulation of stablecoins. He acknowledged that the crypto industry has actively worked with the federal government and regulators on this issue. Despite this, some exchanges, such as Binance and Bybit, have ceased operations in Canada due to the current regulatory climate.
“While we have a stringent regulatory framework in Canada, it’s a really great spot for us to build trust with regulators, build trust with the public, build trust with the government,” Matheson added.
Coinbase has been operational in Canada since August 2023 and has made notable progress within the country’s regulatory framework. The exchange secured a restricted dealer license in April and was also granted an international dealer license for its Canadian arm.
By 2026, Canada is expected to implement the international Crypto-Asset Reporting Framework, which will impose new tax reporting requirements on crypto exchanges and other entities handling digital assets. This regulation aims to enhance transparency and accountability within the industry.
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