CoinDesk
Coinbase wants Canadian customers to get the same derivatives, DeFi and tokenized-asset products that its U.S. users already trade, but new Canadian CEO Eric Richmond says the country's patchwork of staff notices and case-by-case exemption orders has become a ceiling rather than a starting point. Speaking at the Blockchain Futurist Conference in Toronto, Richmond called for a bespoke legislative framework, ideally a national instrument harmonized across provincial regulators, to replace the current regime of one-off reliefs that govern everything from tokenized securities to lending products.
Why it matters
Canada was an early mover on spot crypto ETFs and recently passed a Stablecoin Act, the second such law in North America after the U.S. GENIUS Act. That legislation has already enabled Tetra Trust, backed by Wealthsimple, Shopify and National Bank of Canada, to launch CADD, the country's first regulated financial-institution-issued Canadian-dollar stablecoin. A Norton Rose Fulbright report from July, however, found that U.S. regulators have moved further on detailed guidance for tokenized collateral, custody and capital treatment, while Canadian watchdogs remain in a consultative stage with only limited exemptive relief for tokenization pilots. Richmond argues codifying existing practices into a national instrument would give builders the certainty they need to ship derivatives, payments and decentralized finance products, not just spot.
Market impact
The product gap is already measurable for Canadian retail. Coinbase One subscribers in the U.S. earn roughly 7% APY through the platform's stablecoin lending program; Canadian users holding USDC top out around 4.5%. Crypto futures access exists in Canada only through an international exemption granted to Coinbase Financial Markets, leaving broader retail access gated by additional approvals that U.S. customers under CFTC oversight would not face. Whether Canada consolidates its rules into a single harmonized framework, in Richmond's framing, will set the pace at which U.S.-style products reach Canadian users, and whether local platforms can compete with the U.S. infrastructure now setting de facto industry standards.
Frequently asked questions
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Who is Eric Richmond and why does his appointment matter?
Richmond is Coinbase's newly appointed Canadian CEO, formerly of Shakepay and Coinsquare. His appointment signals Coinbase is investing in a dedicated Canadian regulatory and product strategy at a moment when the country is deciding whether to formalize its digital-asset framework.
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What specific products does Coinbase want to launch in Canada?
Coinbase wants to bring derivatives, DeFi services and tokenized assets to Canadian users, plus broader stablecoin lending and crypto futures access. Some of these are already partially available through limited exemption orders, but retail access remains narrower than in the U.S.
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Why is Canada considered an early mover on crypto regulation?
Canada approved spot crypto ETFs early and recently passed a Stablecoin Act, the second such law in North America after the U.S. GENIUS Act. That act enabled Tetra Trust, backed by Wealthsimple, Shopify and National Bank of Canada, to launch CADD.
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How does Canada's crypto framework differ from the U.S. approach?
Canada has relied heavily on staff notices and case-by-case exemption orders rather than bespoke digital-asset legislation. A July Norton Rose Fulbright report found U.S. regulators have moved further on tokenized collateral, custody and capital treatment, while Canadian regulators remain in a consultative stage.
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What is a 'national instrument' in Canadian securities regulation?
A national instrument is a set of harmonized rules adopted across all provincial and territorial securities regulators in Canada. Richmond argues consolidating existing crypto requirements into one such instrument would replace the patchwork of exemptions and give both regulators and builders clearer ground rules.
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