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Coinbase, the giant American crypto exchange, may have set its sights on expansion following the release of a report from the Permanent Committee on Industry and Technology of the Canadian Parliament. Unlike the United States, Canada considers crypto and blockchain as emerging industries with significant economic opportunities.
On June 28, Coinbase announced the findings of the Canadian government on the crypto and blockchain industry.
Coinbase Lauds Canada’s Approach
The company expressed satisfaction in seeing the committee’s acceptance of the benefits, utility, and value of blockchain technology from the report’s 16 different recommendations.
Coinbase also highlighted the “exciting developments” in Canada as part of its international expansion strategy. While it sees a promising path in Canada, it seems to be hindered from moving downward.
“We continue to have productive discussions with policymakers, regulators, and customers as we build our product offerings in Canada,” the company noted.
The report emphasized the Canadian government’s respect for the principle of an individual’s right to self-custody.
This right should be protected, and the ease of access to secure and reliable entry and exit ramps should be advocated and encouraged.
Canada Takes Steps for Cryptocurrencies
Canada also appears eager to develop a national blockchain strategy. The Canadian government will run innovative pilot projects using blockchain “to help strengthen the ecosystem and recognize promising businesses.”
Coinbase concluded that the government’s general approach to recognizing blockchain and crypto as emerging industries is positive. “Canada could serve as the leader of the crypto economy,” it stated.
Coinbase is currently battling with the Securities and Exchange Commission. The regulatory body, along with several other crypto companies, has sued the exchange for securities law violations. On June 29, Coinbase’s Chief Legal Officer Paul Grewal stated the firm’s intention to submit a motion to dismiss the SEC case against it.
“We always welcome dialogue with any regulatory body, including the SEC, and believe that putting new legislation and rules is the correct way forward. However, the claims in this case go far beyond existing laws and should be dismissed,” Grewal explained.
Moreover, as investor confidence grew with the prospect of Coinbase potentially winning against the SEC, the company’s shares also started to rally.
COIN, at the time of writing, traded at $70.88 in transactions, up 1.23% on the day. Furthermore, the stock gained a healthy 21% value since the markets opened on June 26.
