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Coinbase Canada director Lucas Matheson made notable statements regarding the spot Bitcoin ETF market. Matheson stated that spot Bitcoin exchange-traded funds have been trading in Canada since the beginning of 2021, but having the same opportunities available to their southern neighbors could have significant effects on the market.
Notable Comments from the Prominent Executive
On the subject, Lucas Matheson praised Canadian regulators for leading the world. Matheson explained that since the launch of Spot Bitcoin ETF products, they have been gradually integrated into the larger Canadian financial system and have become a standard part of corporate company assets, tax-advantaged funds, and other mainstream financial products.
Matheson stated that the US Securities and Exchange Commission’s decision to approve spot Bitcoin ETF applications validates cryptocurrency assets as an asset class and creates credibility for the overall industry. He added the following remarks:
“For Canadians curious about cryptocurrency assets, this is a moment that starts a new wave of crypto adoption while encouraging everyone to learn about crypto assets. Canadian Bitcoin ETF holders will benefit from the SEC decision due to the emerging liquidity flow supporting the entire system. However, Canadian Bitcoin ETF issuers may feel some competition from the US due to its aggressive fees.”
Canada and the Crypto Sector
Coinbase; officially started operations in Canada in August, three months after Bybit and Binance left the country due to new regulatory guidance, and began serving Canadian customers. Coinbase is succeeding in standing out from its competitors in the legal regulatory process for the crypto market.
Canada Securities Administrators imposed restrictions on transactions with value-referenced crypto assets, making stablecoin assets a source of uncertainty for crypto exchanges. This situation became clearer after several rounds of additional guidance, the latest of which was published in October. Local crypto exchanges managed to reach $1 billion in assets under management in December.
