World leader in digital assets? Toronto emerges as a global blockchain hotspot as Canada's steady crypto rules outpace America's political gridlock
While US legislators are stuck in regulatory gridlock, Canada has quietly established itself as a world leader in cryptocurrency and blockchain technology, and Toronto as a hub of innovation, as per a report.
Canada's Head Start on Crypto Regulation
According to CNBC, Canada was one of the first countries to enact rules for crypto, by starting with anti-money laundering guidelines in 2014 and then it has consistently updated its regulatory guidance.
Toronto Becomes a Crypto Launchpad
CNBC wrote that the "regulatory clarity has made Toronto a launchpad for blockchain growth."
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Companies are now seeing an opportunity in Canada, with American financial services company Robinhood's recent acquisition of Canadian crypto firm WonderFi, which is the owner of Bitbuy and Coinsquare, to get access to Canada's established user base, reported CNBC.
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Robinhood's crypto chief, Johann Kerbrat highlighted that, 'Canada is a very attractive market for us,' adding, 'It's projected to be more than 30 million users using crypto here in Canada, with revenue projections of about $900 million in 2025,' as quoted in the report.
Major Announcement at Consensus 2025 in Toronto
During Consensus 2025 in Toronto, which is one of the globe's bigest crypto conferences, JPMorgan, Ondo, and Chainlink revealed to bet $100 billion on blockchain with a new platform to tokenize real-world assets, according to CNBC.
Ondo Finance CEO Nathan Allman said that, 'It's really the first time that there's been this interoperability between a bank's permissioned blockchain environment and a public blockchain,' quoted CNBC.
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Both Ondo and Chainlink said that, the new offering will allow treasuries to be tokenized and settled using blockchain, combining JPMorgan's Kinexys Digital Payments network with Ondo's blockchain infrastructure, reported CNBC.
FAQs
Why is Canada suddenly seen as a crypto leader?
Because it started regulating crypto as early as 2014 and has provided consistent, clear rules that make it easier for companies to grow.
How has Robinhood entered the Canadian crypto market?
Robinhood acquired WonderFi, a Canadian crypto firm, giving it access to platforms like Bitbuy and Coinsquare.
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