Coinbase wanted to be Canada's “everything exchange”, but said that there was a need for clearer regulatory rules first

On 29 July, Coinbase hoped to introduce into Canada more encryption products for United States users, including derivatives, DeFi services and tokenized assets. However, the new Chief Executive Officer of Canada, Eric Richmond, stated that if Canada wished to keep pace with the next stage of industry development, its regulatory framework would need to be further upgraded from the current model of reliance on temporary exemptions. Richmond stated that the ultimate goal of Coinbase was not just to become a platform for encrypted money transactions, but to create a platform based on block-chain infrastructure that provided more comprehensive financial products and services. Richmond, in an interview with CoinDesk at Blockchain Futurist Conference in Toronto, said: “We want to concentrate all your financial services in one place. We want to be the `all-power exchange', backed by this technology, to achieve a 24/7 full-day, seamless, and low-distortive financial services experience.” Richmond points out, however, that the realization of this vision in Canada depends largely on the development of local regulatory frameworks. He said, “We just need to find a path to compliance and bring these products to Canadian users, and we have already begun to do so.” Prior to joining Coinbase, Richmond had served as a manager in Shakepay, Coinsquare and had long been involved in the development of the Canadian digital asset industry. Richmond stated that while Canada had been one of the first jurisdictions in the world to approve spot-encrypted ETFs and establish a framework for the registration of encrypted trading platforms, many regulatory developments in the past had relied mainly on guidance issued by regulators and on waivers for individual companies, rather than on laws specifically designed for digital assets。