Coinbase Canada CEO Eric Richmond says the country needs a clear, permanent regulatory framework instead of relying on temporary exemptions as the exchange plans to introduce more advanced crypto products, including derivatives, tokenized assets, and decentralized finance services.
TORONTO — Coinbase wants to expand the range of crypto offerings available to Canadian customers by bringing over products currently offered in the United States, including derivatives, DeFi tools, and tokenized assets. However, Richmond, who recently became the company’s Canadian chief executive, said Canada’s regulatory system must evolve beyond temporary measures to support the next phase of digital asset growth.
Richmond said Coinbase’s broader ambition is to move beyond being a simple crypto exchange and become a comprehensive financial platform built on blockchain technology.
“We want to have all your financial services in one place,” Richmond said during an interview with CoinDesk at the Blockchain Futurist Conference in Toronto. He described the vision as an “everything exchange” powered by technology that enables financial services to operate continuously with greater efficiency and fewer barriers.
However, Richmond said turning that vision into reality in Canada depends on establishing a clearer regulatory pathway.
“We need to find the regulated route to bring these products to Canadians, and we have already started that process,” he said. Richmond has extensive experience in Canada’s digital asset sector, having previously served in leadership roles at companies such as Shakepay and Coinsquare.
Coinbase Calls for Dedicated Crypto Legislation in Canada
Canada has been an early mover in crypto regulation, becoming one of the first countries to approve spot crypto ETFs and introduce a registration system for digital asset trading platforms.
However, Richmond said much of that progress has been built on regulatory notices, guidance documents, and company-specific exemptions rather than a dedicated legal framework designed specifically for digital assets.
While this approach helped Canada respond quickly during the early years of crypto adoption, he believes it is becoming less effective as the industry expands into more complex areas.
“This is not a new, purpose-built legislative framework, and that is something we still need,” Richmond said.
His remarks come as Canada and the U.S. take increasingly different approaches to regulating digital assets.
A report from global law firm Norton Rose Fulbright noted that both countries generally apply existing financial regulations to tokenized assets based on their traditional counterparts. However, the U.S. has moved further by providing more detailed guidance around tokenized securities, custody requirements, collateral rules, and capital treatment.
Canada, meanwhile, remains in a more consultative phase, with regulators offering limited exemptions for pilot programs and interim guidance on areas such as custody.
While neither country has created a fully comprehensive framework for tokenized financial assets, Norton Rose said the more developed U.S. approach could help American companies gain influence over emerging blockchain-based financial standards.
Regulatory Uncertainty Limits Product Availability
Richmond said Canada’s current regulatory structure has also delayed access to products that Coinbase users in the U.S. already have.
For example, Coinbase One customers in the U.S. can access a stablecoin lending product that provides around 7% APY. Canadian customers cannot currently access that offering and instead earn up to 4.5% APY on USDC holdings through Coinbase.
Richmond said one of his main goals is to close that gap by making U.S.-available products accessible to Canadian users.
“My focus is bringing the products you see in the U.S. to Canadians,” he said.
Coinbase is also seeking approval to offer certain crypto futures products to eligible Canadian customers through Coinbase Financial Markets, its CFTC-regulated U.S. entity.
Richmond said the company was able to pursue this opportunity after receiving an international exemption from Canadian regulators. However, expanding the product to a wider retail audience in Canada would require additional approvals, unlike in the U.S., where the existing regulatory structure provides a more direct path.
According to Richmond, the challenge is not simply the speed of regulation but the difference in how the two countries structure their rules.
“It is not necessarily just a regulatory issue; the rules themselves are designed differently,” he said.
A Push Toward Harmonized National Crypto Rules
Despite the challenges, Richmond said he is optimistic about Canada’s willingness to work with the digital asset industry and develop clearer regulations.
He highlighted Canada’s Stablecoin Act as an example of progress, describing it as an important step toward creating clearer rules for crypto companies.
Following the introduction of stablecoin regulations, Tetra Trust launched CADD, Canada’s first regulated Canadian-dollar stablecoin issued by a financial institution. The project is supported by major companies and institutions, including Wealthsimple, Shopify, and National Bank of Canada.
Richmond said Canada has already shown that crypto businesses can operate within a regulated environment. The next challenge is ensuring regulations can support more advanced applications, including blockchain-based payments, derivatives, tokenized securities, and decentralized finance.
Rather than requiring companies to interpret fragmented guidance, Richmond believes Canada should formalize existing regulatory practices into a unified national framework.
He suggested creating a “national instrument” — a standardized set of securities rules approved across provincial and territorial regulators — to provide consistent treatment throughout the country.
“When you call it a national instrument, it means every securities commission has approved the same rule, creating consistency across Canada,” Richmond said.
Such a move would shift Canada away from a system dependent on exemptions and toward a clearer framework that offers greater certainty for both regulators and companies.
The outcome of that regulatory transition could determine how quickly advanced crypto products already available to U.S. customers reach Canadian users.
