Through a pre-registration undertaking with the Ontario Securities Commission (OSC), Crypto.com has pioneered a regulatory milestone in Canada. This move underscores their commitment to adhering to OSC guidelines as they introduce crypto services.

Kris Marszalek, CEO of Crypto.com, emphasized the significance of North America, particularly Canada, in the company’s expansion plans for cryptocurrency offerings.

In addition to this regulation in Canada, Crypto.com already operates under the frameworks of the Autorité des marchés financiers (AMF) and Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Continuing its expansion strategy, Crypto.com recently received authorization as a Virtual Asset Service Provider (VASP) in the Cayman Islands. The company also succeeded in obtaining licenses to operate within South Korea by acquiring two local companies. In July, it secured regulatory approvals in Italy and Cyprus. Simultaneously, it introduced an in-app purchase feature on Google Pay that allows users to buy crypto assets.

Founded in 2016, Crypto.com now boasts over 50 million users across 90 countries.

Digital Currencies in Canada:

The Bank of Canada’s 2022 Financial System Review revealed an increasing interest among Canadians in cryptocurrencies. The percentage of bitcoin holders surged from 5% to 13% between 2020 and 2021.

Most users continue to view cryptocurrency as a speculative investment rather than a medium for everyday transactions due to its volatility.

Canada’s central bank has previously expressed concerns about the safety and accessibility of private sector cryptos. Amidst the rise in digital payments driven by the pandemic, the Bank of Canada is hastening preparations for introducing its own digital currency, referred to as the Central Bank Digital Currency (CBDC).

In March 2022, the central bank announced a collaboration with the Massachusetts Institute of Technology (MIT) for an exploratory project on advanced technologies impacting CBDC design.