Canada is one of the most densely populated countries in the North American region. Some analysts believe that the increasing number of crypto enterprises in the region could be the emergence of the most crypto-friendly state in the region. The Canadian regulators approved the first-ever Bitcoin ETF in the world in February. The suit was soon followed by more crypto organizations.
At present, there are noteworthy ETFs like BTCC, CI Galaxy ETF for Ethereum, Bitcoin Evolve ETF, and Purpose Ether Exchange Traded product. ETFs are stock-like trade commodities that are tied to a cryptocurrency index or token price. They are a great source for investors to take part in earning profits from cryptocurrency without directly buying or selling digital assets. Other than Bitcoin, other crypto-bound ETFs are also merging in the region.
The Basketball League of Canada Wants to Procure their Salaries in Bitcoin and Other Cryptocurrencies
Basketball is the most popular sport in Canada. The Elite Basketball League of Canada or CEBL players recently announced that they want to get paid in cryptocurrencies. This is great news for those who are debating that how strong cryptocurrencies are in the region. On the other hand, the regulatory commission of Canada seems to be starting a new crackdown on digital assets.
The Ontario Securities Commission is trying an exchange platform called Bitby for dealing in unregistered securities. This case is very similar to the Ripple Labs case going on in the United States. In case, SEC moves to approve the VanEck application for ETF approval, the trading volume for Bitcoin ETFs in Canada would increase at a breakneck level.
The Central Bank of Canada is Showing Interest in Introducing a New CBDC
If BitBy is convicted by the OSC, it would be liable to pay a $1 million fine. There is also the issue of the absence of any proper crypto regulation introduced by the government. At the same time, the Central Bank Of Canada is planning to introduce a new Central Bank Digital Currency. The Bank authorities claim that they are looking for a greener and more sustainable method for providing mining power to the new CBDC.
If that happens, there is a danger that it would decrease the interest in Bitcoin trading. On the whole, Canada has been attracting major cryptocurrency enterprises to the region. Possibly, Canada can become the next Salvador for Bitcoin adoption in the North American region.
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