Canada | Crypto

While other countries move toward integrating crypto into their financial systems, Canada is lagging, costing the country capital, talent and competitiveness. Canada’s direction on digital asset innovation remains uncertain. Opinion by: Jillian Friedman, chief operating officer, Symbiotic Since the Canadian federal election, there’s been little clarity on where this country is heading with digital asset innovation. Crypto regulation and policy didn’t make it into any of the parties’ campaign platforms. It’s a missed opportunity at a time when Canada ​​needs swift action about whether it wants to be a competitor in this space or simply a bystander. Early-stage investments are already showing signs of strain. Read more

Crypto industry observers in Canada are concerned that their industry is being left behind without a clear framework for stablecoins. The slow adoption of stablecoins in Canada has some local crypto industry observers concerned that the country is falling behind. The Canadian Securities Administrators (CSA) classified stablecoins as “securities and/or derivatives” in December 2022 after the FTX debacle that shook markets and turned many lawmakers against the crypto industry. Regulating stablecoins as a security has seen few local stablecoin issuers arise, but in the United States and the European Union, softening regulations have seen significant growth in the stablecoin market. This makes Canada, observers say, less competitive with other jurisdictions.  Read more

Canada categorized stablecoins as securities and/or derivatives in December 2022, a month after the collapse of cryptocurrency exchange FTX. Tanim Rasul, chief operating officer at Canadian crypto exchange NDAX, said Canada “got it wrong” categorizing stablecoins as securities in 2022, and the country needs to realize that every other regulatory regime is looking at stablecoins as payment instruments. Rasul made the remarks during a panel on May 13 at the Blockchain Futurist Conference in Toronto, pointing to Europe's crypto regulatory framework as a model for Canada to consider: The Canadian Securities Administrators (CSA) classified stablecoins as “securities and/or derivatives” in December 2022, following “recent events in the crypto market,” such as the dramatic collapse of crypto exchange FTX just a month before. Read more

Robinhood will acquire Canadian crypto firm WonderFi for $179 million in cash, joining a growing wave of crypto M&A as it expands its global reach. Brokerage fintech Robinhood is set to acquire WonderFi, a Canadian crypto firm, for about 250 million Canadian dollars ($179 million) in an all-cash deal to expand its global presence. The acquisition is expected to close in the second half of 2025, Robinhood said in a May 13 news release. WonderFi operates two of Canada’s longest-standing regulated crypto trading platforms, Bitbuy and Coinsquare, managing over 2.1 billion Canadian dollars in assets under custody. These platforms offer crypto trading, staking and custody services. Read more

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