Live Chat

Crypto News

Cryptocurrency News 11 months ago
ENTRESRUARPTDEFRZHHIIT

Bitcoin ETFs Gain Traction in North America: A View from Coinbase Canada's Director

Algoine News
Summary:
The access to Bitcoin Exchange-Traded Funds (ETFs) for Canadians since early 2021 has subtly influenced the market, especially as the USA has now adopted similar measures, says Coinbase Canada's Director, Lucas Matheson. Describing Canadian regulators as global leaders, Matheson emphasizes how BTC ETFs are being gradually integrated into Canada's broader financial systems. The U.S. SEC's decision to approve BTC ETFs validates cryptocurrencies as a credible asset class and is believed to benefit Canadian BTC ETF holders by strengthening the overall financial system. Despite the competition from the U.S., Coinbase Canada shows enthusiasm for blockchain-based currencies.
Canadians have access to Bitcoin (BTC) Exchange-Traded Funds (ETFs) since early 2021. However, there might be subtle impacts on the market as the same facilities have extended to their neighbors in the USA, according to Lucas Matheson, the Director of Coinbase Canada. He commended Canadian regulators for their world-leading initiatives. he added that BTC Spot ETFs have been methodically assimilated into the wider financial ecosystem in Canada since their inception, and are becoming a common feature of family wealth funds, tax-privileged funds, and various traditional financial products. The decision from The United States Securities and Exchange Commission (SEC) to sanction BTC spot ETFs seals cryptocurrencies' status as a legitimate asset class, enhancing the sector's credibility, Matheson said. He encouraged all Canadians, who were intrigued by cryptocurrencies, to embrace and understand digital assets as a new era of crypto adoption dawns. The SEC decision would benefit Canadians holding BTC ETFs, as an influx of liquidity would strengthen the entire system. However, there may be a sense of competition brewing for Canadian BTC ETF issuers from the United States due to the latter's competitive pricing structure. "Blockchain-based currencies are here for the long haul, and Coinbase is eager to ride the wave," said Matheson. Coinbase launched its operations in Canada in August, three months after Bybit and Binance withdrew from the country following new regulatory advice. Stablecoins created ambiguity for cryptocurrency exchanges as transactions involving 'value-referenced crypto assets' were forbidden by the Canadian Securities Regulators. However, this landscape has become more comprehensible after successive rounds of extended directions, the recent of which surfaced in October. Local crypto exchanges surpassed the mark of $1 billion in managed assets in December.

Published At

1/11/2024 10:28:00 PM

Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.

Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal? We appreciate your report.

Report

Fill up form below please

๐Ÿš€ Algoine is in Public Beta! ๐ŸŒ We're working hard to perfect the platform, but please note that unforeseen glitches may arise during the testing stages. Your understanding and patience are appreciated. Explore at your own risk, and thank you for being part of our journey to redefine the Algo-Trading! ๐Ÿ’ก #AlgoineBetaLaunch