In the wake of approval by Arab country Bahrain’s government, Binance has achieved a common ground with Canada’s regulatory bodies.
World-leading exchange, Binance, has revealed that it can now continue its operations in Canada’s central province Ontario. The exchange had reportedly come to a nascent form of agreement that had seen the country’s regulator give it the go-ahead.
Canada In The Crypto Ecosystem
The country of Canada is one of the most crypto-friendly countries globally, ranking behind only Bitcoin City, El Salvador, and a select few. It is home to some of the world’s largest crypto mining firms. The nation’s policy is comprehensively streamlined to attract investing entities and individuals in the crypto community globally.
Earlier this year, the country announced its intention to offer zero-taxation fees for green crypto manufacturers in its borders, saying that the step is a part of its plan to increase its relevance in the global crypto space.
Canada has enjoyed significant economic growth, fuelled by its booming crypto sector. The growth of the country’s crypto sector was rapid, developing from its virtual zero presence in 2020 to its critically relevant nature as of now.
Cryptocurrency and the innovations that accompanied the sector saw global acceptance during the Covid 19 pandemic in 2020. The cold north American country hasn’t seen much economic growth in pre-crypto saturation; however, post crypto saturation, it has seen its economy grow more than it has in previous years.
The country is now hole to at least ten international crypto exchanges and more than five other DeFi setups that operate locally and internationally.
Cryptocurrency Globally and Canada’s Crypto Attitude
Like every other country that fields a significant presence of cryptocurrency, Canada has stumbled on roadblocks regarding its regulation and the protection of citizens’ interests. With or without adoption, most countries whose citizens have a certain level of awareness about cryptocurrencies struggle to regulate the security of and compliance in the industry.
Phishing scams, system exploits, and anti-AML maneuvers are part of the security issues that internationally plague the industry. The lack of a working reference and the novelty of the technology has challenged nations worldwide, as every country is only doing what it perceives is the best for it and its citizens.
Therefore, different countries worldwide utilize different mechanisms to tackle the issue of regulations, compliance, and protection of interests in their countries. These mechanisms range from outright outlawing the digital assets class to total adoption and integration.
In light of obscured rules of engagement regarding the digital assets class, the Financial Action Task Force (FATF), a global regulator, issued what is perceived as generalized regulations and compliance guidelines that nations can abide by to assimilate into the industry effectively.
Canada, however, has targeted the industry corporations within its borders, recently announcing a series of regulations and guidelines that must be followed with some mirroring FSTF’s guidelines for nations.
In general, the country is very welcoming to the concept of crypto Integration and adoption after previously announced plans to launch its Central Bank Digital Currency (CBDC).
Binance’s Breakthrough In The Country
Earlier this June, the crypto exchange had previously announced to its users that it would close up its operations in the country’s central province by the end of the year. However, in the latest developments that came from announcements, the exchange has revealed to users that it will continue its operations in the country.
The revelation came in emails sent to their customers explaining that it had resolved its differences with Canada’s Ontario Securities Commission (OSC).
The breakthrough comes after the exchange obtained licensing in Middle Asia’s Arab country of Bahrain earlier this week.