Coinbase Crypto Exchange Taps Former Shopify Executive to Lead Canadian Expansion – Here's the Latest

cryptonews.com:

Coinbase has assigned a former Shopify executive as its country director in Canada as the cryptocurrency exchange seeks to adapt to changing regulatory environment in the country. 

In a Thursday blog post, Coinbase revealed that it has taken a number of new measures as the exchange eyes expansion in Canada despite moves by the country to tighten rules around crypto amid the recent collapse of some high-profile digital asset firms. 

For one, the exchange has tapped Lucas Matheson as its country director in Canada. In the announcement, Coinbase said Lucas brings a wealth of experience from his time at Shopify and with leading financial institutions in Canada, and can also help the exchange with its planned expansion.

Furthermore, Coinbase said that it is investing significant resources in local Canadian innovation. The company said it has hired over 200 engineers in the country in a bid to scale up a tech hub. 

"Additionally, our global leadership team will be making frequent trips to Canada to engage with regulators, partners, and the community, to better understand the Canadian market and its unique needs."

Coinbase also unveiled that it has signed an enhanced Pre-Registration Undertaking (PRU) in Canada, which is required by Canadian Securities Administrators (CSA) members as a precondition to members allowing unregistered crypto asset trading platforms (CTPs) to continue to operate.

"We continue to work with policymakers on a strong crypto regulatory framework for Canadians," the exchange said in the announcement, adding that it supports Canadian regulators’ efforts to bring clarity to the industry.

The move by Coinbase comes after the CSA announced earlier this month that it will tighten requirements for cryptocurrency