Canada's Crypto Market Set for Expansion, Boosted by Favourable Regulatory Landscape: WonderFi CEO
Summary:
Canadian cryptocurrency platform, WonderFi, sees a promising future for crypto retail trading thanks to consistent market growth driven by a favorable regulatory environment and the Bank of Canada's interest rate cut. The platform reported increased user signups and expects further growth in the retail market. WonderFi, backed by billionaire Kevin O'Leary, has merged with several crypto firms and managed $1 billion in assets by end-2023. As it plans to enter Asia-Pacific markets, the company appreciates the advanced position of Canadian regulators in the crypto world.
Canada's cryptocurrency retail trading prospects appear promising, owing to a confluence of factors including a favorable regulatory landscape that seems poised to further fuel industry expansion. "The retail landscape has revitalized," commented Dean Skurka, the head of the Canadian digital assets platform, WonderFi, during a discourse with Sam Bourgi of Cointelegraph at the Collision event staged in Toronto. He attributed this potential surge to a combination of factors including the Bank of Canada's interest rate reduction, triggering increased discretionary public spending, robust interest in Bitcoin (BTC) and Ether (ETH) exchange-traded funds that appeal to a wider audience, and the projected influence of Bitcoin's halving. Though Skurka projected strong retail market growth, he cautioned that this wouldn't happen instantly, but the signals for increased public acceptance of crypto were evident. He noted that new subscriptions to WonderFi surged in tandem with Bitcoin's record high price.
Bolstered early by billionaire Kevin O'Leary, WonderFi has assembled a diverse collection of crypto companies that it aims to amalgamate into a singular entity. This is a result of its merger with Coinsquare in July 2023, which is overseen by Canadian Investment Regulatory Organization. Additionally, WonderFi has secured Bitbuy and Coinberry and managed to amass $1 billion in assets by the close of 2023.
Canada's regulators have focused on crypto staking and the spot market, and Skurka anticipates futures —another form of crypto derivatives expect to be the next in line for regulatory oversight. As it sets into motion plans to broaden its reach into Asia-Pacific (APAC), WonderFi has developed a more rounded view of the Canadian regulatory framework. Skurka emphasized that Canadian authorities are more advanced than their APAC counterparts and this experience will shape the firm's strategy in APAC markets. WonderFi's APAC moves will be made public in the coming months. Despite this, not all industry players are as optimistic about Canada's regulation practices, with Canadian Securities Administrators’ guidelines leading to several crypto-based firms exiting the Canadian market in February 2023.
Published At
6/19/2024 12:55:49 AM
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.