Coinbase Canada CEO Pushes for 'All-Encompassing' Crypto Rules
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Eric Richmond argues that replacing Canada's fragmented regulatory patchwork with codified laws would benefit both firms and watchdogs.
Coinbase Canada CEO Eric Richmond is calling for the implementation of "all-encompassing" crypto regulations to replace the current fragmented system of provincial and territorial securities regulators, BetaKit reports.
In an interview with BetaKit, Richmond argued that the existing reliance on exemption orders and staff notices has created a difficult operating environment for authorities and businesses. He noted that exemption orders specifically make compliance costs prohibitively expensive for entrepreneurs and create repetitive workloads for regulators. Richmond, who previously held roles at Tetra Trust, Coinsquare, and Shakepay, is advocating for the codification of existing rules, citing Singapore and the European Union as models for a harmonized framework.
Coinbase is positioning itself as a primary player in this evolving landscape. BetaKit reports that in 2024, the company became the first international exchange to obtain a restricted dealer licence from the Canadian Securities Administrators. Richmond stated that Coinbase Canada has applied for regulation by the Canadian Investment Regulatory Organization, with a goal of completion by early next year.
Beyond regulatory advocacy, Richmond intends to expand Coinbase's Canadian offerings to include derivatives, prediction markets, blockchain-based lending, and a Visa debit card. This expansion comes as the company competes with domestic firms like Netcoins and the recently acquired WonderFi, which was purchased by US-based Robinhood. Richmond also expressed support for the upcoming Stablecoin Act, suggesting that stablecoins will eventually become embedded in traditional Canadian payment infrastructure.