Coinbase wants to be Canada’s ‘everything exchange,’ but says clearer rules are needed first

Coinbase’s newly appointed Canadian CEO, Eric Richmond, has outlined the company’s ambition to offer Canadian users access to a comprehensive suite of advanced crypto products similar to those available in the U.S., including derivatives, decentralized finance (DeFi) services, and tokenized assets. Richmond envisions Coinbase evolving into an “everything exchange” that integrates a broad range of financial services powered by blockchain technology in a seamless, 24/7 platform. However, he emphasized that achieving this vision largely depends on the development of clearer and more harmonized regulatory frameworks in Canada.

Richmond highlighted that while Canada was an early adopter of spot crypto ETFs and passed a Stablecoin Act earlier this year, much of its crypto market development has relied on temporary exemptions and staff guidance orders rather than bespoke, comprehensive legislation tailored specifically to digital assets. This fragmented regulatory environment has slowed the introduction of more sophisticated offerings such as higher-yield lending and derivatives accessible on Coinbase’s U.S. platform. For instance, Canadian users currently earn up to a 4.5% APY on USDC stablecoin holdings, whereas U.S. customers get approximately 7% APY through Coinbase’s stablecoin lending program.

The Canadian regulatory approach remains consultative and somewhat piecemeal compared to the U.S., which has issued more detailed guidance and established regulatory frameworks for tokenized securities, collateral, custody, and capital treatment. Richmond noted that Coinbase was able to offer certain crypto futures products in Canada under an “international exemption” but would require additional regulatory approvals to expand these offerings to a wider retail audience in Canada. This contrasts with the U.S. where such expansions are more straightforward under the Commodity Futures Trading Commission’s (CFTC) regulations.

Richmond pointed to the recently enacted Canadian Stablecoin Act as a positive development and cited the launch of Canada’s first regulated Canadian-dollar stablecoin (CADD) by Tetra Trust, supported by notable companies like Wealthsimple and Shopify. Nonetheless, Richmond advocates for consolidating Canada’s crypto regulatory practices into a harmonized “national instrument” that would align securities rules across all provinces and territories. Such codification would provide greater legal certainty and facilitate the growth of crypto products beyond spot trading into areas like payments, derivatives, and DeFi, thereby helping Canada keep pace with global industry advancements.