Since early 2021, Canadians have had access to Bitcoin (BTC) spot exchange-traded funds (ETFs), but the market might experience subtle changes now that Americans have similar options, according to Lucas Matheson, the director of Coinbase Canada, in a conversation with Cointelegraph.
Matheson commended Canadian regulators for being global pioneers. He noted that since their launch, spot BTC ETFs have been progressively incorporated into Canada’s broader financial landscape, increasingly becoming a norm in portfolios of family offices, tax-advantaged funds, and other conventional financial instruments.
The approval of spot BTC ETFs by the United States Securities and Exchange Commission, Matheson remarked, not only legitimizes cryptocurrencies as an asset class but also enhances the industry’s overall credibility. He added, “This is a pivotal moment for Canadians interested in cryptocurrencies. I urge everyone to explore digital assets as we enter a new era of crypto acceptance.”
The SEC’s decision is advantageous for Canadian BTC ETF investors, as the surge in liquidity strengthens the entire ecosystem. However, Canadian BTC ETF providers might face some competition from the U.S., known for its competitive fees.
Coinbase made its debut in Canada in August, following the exits of Bybit and Binance three months earlier due to new regulatory guidelines. The Canadian Securities Administrators’ restrictions on transactions involving “value-referenced crypto assets” cast a shadow of uncertainty over stablecoins for crypto exchanges. Clarity emerged after several rounds of additional guidance, the latest in October.
By December, local crypto exchanges had amassed $1 billion in assets under management.
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