• Coinbase VP International and Business Development Nana Murugesan praises Canada’s crypto regulation by engagement approach.
• U.S. regulatory pressure has caused major players to leave the country, while Canada is implementing a Pre-Registration Undertaking (PRU) regime for crypto exchanges.
• Murugesan prefers Canada’s approach of regulation by engagement, instead of the U.S.’s regulation by enforcement.
Coinbase Praises Canada’s Crypto Approach
Crypto exchange giant Coinbase (COIN) says it loves Canada, where the rules have been set out and companies are able to engage with the regulators, compared with the United States’ lack of clarity and regulation by enforcement for the industry.
Intensifying Regulatory Pressure in U.S.
The recent U.S. regulatory crackdown has also spooked many companies and investors, who are already looking to relocate to other jurisdictions and away from potential enforcement action from the Securities and Exchange Commission (SEC).
Canada Implements PRU Regime
Canada is also putting pressure on the industry through its Pre-Registration Undertaking (PRU) regime for crypto exchanges, which saw several large players depart from the country, most notably Binance, the largest exchange group by volume.
Coinbase Prefers Canada’s Approach
When asked about how Canada’s PRU compared with the situation in the U.S., Nana Murugesan VP international and business development at Coinbase, said that he prefers Canada’s approach of “regulation by engagement,” rather than “regulation by enforcement.”
The intensifying regulatory pressure in U.S has caused many companies and investors to look elsewhere for more favorable approaches such as those seen in Canada’s Pre-Registration Undertaking (PRU) regime which Coinbase VP International & Business Development Nana Murugesan expresses approval for over America’s ‘regulations by enforcement’.