Latest news with #LucasMatheson
Yahoo
15-05-2025
- Business
- Yahoo
Coinbase Canada CEO Urges Mark Carney Government to Move Fast on National Crypto Strategy
TORONTO — Lucas Matheson, CEO of Coinbase Canada, made a case for Canada's new government to create a national crypto strategy during his appearance at Consensus 2025 in Toronto. Speaking on a panel titled, "What the new Canadian Government Needs to do to Lead In Crypto," Matheson outlined some key steps he believes will help position Canada as a leader in the blockchain space. Matheson highlighted that Canada has long been a hub for crypto innovation, citing Ethereum's origins and the strong presence of Web3 developers at Canadian universities. However, he said the country risks falling behind as other nations actively shape crypto policies. "We need leadership. We need champions in government to embrace this technology and legitimize it in the eyes of the everyday Canadian," Matheson said. He emphasized the importance of having a dedicated federal crypto leader, similar to the U.S. crypto czar. One of his primary suggestions was for Carney to establish a government-led crypto task force within the first 100 days of the new administration. This task force would develop a national crypto strategy, including defining digital assets, regulating stablecoins, and allowing banks to hold crypto securely. Matheson also proposed creating a strategic bitcoin reserve and integrating crypto mining with existing data centers. Matheson noted that stablecoins could play a key role in making digital assets less speculative, suggesting that Canada needs a stable, Canadian-dollar-denominated coin to boost financial efficiency. "One in five Canadians remit money abroad. We pay between 6% and 12% to remit money all around the world. And today, with crypto, you can click different buttons on your phone and send your friends and family 6% to 12% more money," he said. Metheson also noted that 15% of Canadians are considered underbanked in Canada, which creates "a significant opportunity for us to drive innovation and change," in the country via crypto. To further advocate for policy change, Matheson pointed to the "Stand with Crypto" initiative. This aims to educate lawmakers about blockchain's benefits and address misconceptions. He noted that the initiative is gaining traction among industry leaders and aims to build support among the members of Parliament. As Canada transitions to a new government led by Mark Carney, Matheson expressed optimism about the new administration's new mandates regarding innovative technology. "They [Liberals] are mandated to build Canada to find economic growth and opportunities for us to embrace technology. And we have a government that is highly motivated to think of opportunities to help our country gain more economic advantage. And I think crypto and other technologies will need to be embraced, and to do that, we need to educate them," he said. However, Matheson cautioned that Canada risks being left behind in the global race to integrate crypto into the financial system unless it takes swift action. He compared the current challenges in Canada as "a square peg, round hole, legal definitional problem," due to several different layers of securities regulators. This means that Canadians are forced to look elsewhere for crypto-related services, potentially resulting in a loss of opportunity for the country and opening users to risks. "We're at risk for not moving fast enough to embrace the types of technology and products and services in Canada, and as a regulated financial institution, it's a priority for us to make sure that we can introduce these products and services in a compliant way, so that Canadians aren't just using a VPN and jumping off and using non compliant platforms around the world."
Crypto Insight
14-05-2025
- Business
- Crypto Insight
Coinbase invests in Canadian stablecoin issuer
Coinbase has partnered with Canadian stablecoin issuer Stablecorp in a bid to expand access to tokenized Canadian dollars, a company executive told Cointelegraph during the Blockchain Futurist Conference in Toronto. According to Coinbase Canada's CEO, Lucas Matheson, the exchange is investing an undisclosed amount in Stablecorp and will help market its fiat-collateralized stablecoin, QCAD. 'It's really important that we have a stablecoin for Canadians,' Matheson told Cointelegraph in an exclusive interview on May 13, adding that stablecoins are especially urgent because the country has 'no peer-to-peer [payment] rail' and 'wire transfers cost $45 and take 45 minutes of paperwork.' 'With stablecoins, 24/7, instant, borderless payments become possible — this is already feasible with existing tech,' he said. Barriers to adoption As of May 13, stablecoins have an aggregate market capitalization of around $245 billion, primarily comprising US dollar-backed stablecoins Tether and USDC, according to data from CoinGecko. Stablecorp's most recent report on QCAD's fiat reserve backing dates to July 2024, at which time only around $175,000 worth of QCAD were in circulation, according to its website. However, 'Canada lacks a clear path for stablecoin adoption' in part because its government has yet to 'remove securities regulation barriers for fiat-backed stablecoins,' Coinbase said in a March 26 blog post. It needs to begin 'treating them as payment instruments rather than securities,' the exchange added. In April, the US SEC said that stablecoins do not qualify as securities in the country if they are marketed solely as a means of making payments. 'We're asking the federal government to develop a national strategy for digital assets. Crypto is strategic, and we hope this new administration sees that,' Matheson said. Canada elected Prime Minister Mark Carney during its federal elections in April. Carney has historically been critical of cryptocurrency. Source:
