Coinbase Pushes for Clearer Canada Crypto Rules to Expand DeFi and Tokenized Assets

Coinbase is looking to bring more of its U.S. crypto products to Canada, including derivatives, decentralized finance (DeFi) services, and tokenized assets, but the company says Canada's regulatory framework must evolve before that vision can become a reality.

Speaking at the Blockchain Futurist Conference in Toronto, Coinbase Canada CEO Eric Richmond said the exchange aims to become a comprehensive blockchain-powered financial platform rather than simply a cryptocurrency trading venue. The company envisions offering a full range of financial services through a seamless, always-on digital infrastructure.

Richmond said Coinbase is committed to launching more products for Canadian customers but stressed that regulatory clarity remains the biggest hurdle. While Canada was among the first countries to approve spot crypto exchange-traded funds (ETFs) and establish a registration framework for crypto trading platforms, much of its progress has relied on regulatory exemptions and staff guidance rather than permanent digital asset legislation.

According to Richmond, Canada now needs a dedicated legal framework that provides long-term certainty for crypto businesses instead of relying on temporary approvals. He believes harmonized national regulations would make it easier for companies to introduce innovative blockchain-based financial products across all provinces.

The regulatory gap is already affecting product availability. Coinbase currently offers U.S. users a stablecoin lending program with yields of around 7% APY, while Canadian customers can earn up to 4.5% APY by holding USDC. Richmond said his goal is to narrow that gap by bringing more U.S. services to Canadian users.

Coinbase is also working to expand access to crypto futures through its CFTC-regulated subsidiary. Although certain Canadian investors can already access these products through an international exemption, broader retail access would require additional approvals under Canada's current regulatory structure.

Richmond welcomed Canada's recent Stablecoin Act as a positive step, highlighting the launch of CADD, Canada's first regulated Canadian-dollar stablecoin issued by Tetra Trust. He argued that transforming existing regulatory guidance into a harmonized national instrument would reduce legal uncertainty, encourage innovation, and help Canada remain competitive as blockchain adoption expands into payments, tokenized securities, derivatives, and decentralized finance.