Coinbase Canada CEO Eric Richmond says the country needs a permanent regulatory structure rather than temporary exemptions as the exchange prepares to expand its offerings into areas such as derivatives, tokenized assets, and decentralized finance.

TORONTO — Coinbase wants to introduce more of the crypto products already available to its U.S. customers to the Canadian market, including derivatives, DeFi services, and tokenized assets. However, Richmond, the company’s recently appointed Canadian CEO, said Canada’s regulatory framework must mature beyond short-term exemptions to support the next stage of digital asset innovation.

Richmond said Coinbase’s long-term vision extends beyond cryptocurrency trading, with plans to create a broader financial platform built around blockchain technology.

“We want to have all your financial services in one place,” Richmond said in an interview with CoinDesk at the Blockchain Futurist Conference in Toronto. He described the goal as becoming an “everything exchange” where blockchain technology enables financial services that operate continuously with a smoother and more efficient user experience.

However, Richmond said achieving that goal in Canada depends on regulators establishing clearer approval pathways.

“We need to identify the regulated route to bring these products to Canadians, and we have already begun that process,” he said. Richmond has extensive experience in the Canadian crypto sector, having previously held senior positions at firms including Shakepay and Coinsquare.

Coinbase Seeks a More Comprehensive Crypto Rulebook

Canada has been one of the early leaders in digital asset regulation, becoming one of the first countries to approve spot crypto ETFs and introduce registration requirements for crypto trading platforms.

However, Richmond said much of that progress was achieved through regulatory notices, guidance from officials, and individual exemption arrangements rather than a dedicated legal framework designed specifically for digital assets.

While that approach helped Canada respond quickly during the early stages of crypto adoption, Richmond believes it has become less effective as companies attempt to launch more sophisticated financial products.

“It is not a new, dedicated legislative framework, and that is something I think we still need,” Richmond said.

His remarks come as Canada and the United States move along different paths in regulating the crypto industry.

A report from global law firm Norton Rose Fulbright noted that both countries generally treat tokenized financial products under existing laws that apply to their traditional counterparts. However, the U.S. has advanced further by providing more detailed guidance around tokenized securities, custody standards, collateral treatment, and capital requirements.

Canada’s regulators remain in a more consultative phase, offering limited exemptions for pilot initiatives while maintaining interim guidance in areas such as custody.

Although neither country has introduced a complete framework specifically for tokenized financial assets, Norton Rose suggested that the more developed U.S. approach could help American companies gain an advantage in building future blockchain-based financial infrastructure.

Regulatory Differences Delay Access to New Products

Richmond said Canada’s current regulatory environment has contributed to delays in bringing certain products to Canadian users that are already available in the United States.

For instance, Coinbase One subscribers in the U.S. can access a stablecoin lending program offering approximately 7% APY. Canadian customers do not currently have access to that service and instead can earn up to 4.5% APY on USDC holdings through Coinbase.

Richmond said one of his main objectives is ensuring Canadian customers receive access to similar products.

“My focus is to bring the products that are available in the U.S. to Canadians,” he said.

Coinbase is also looking to provide access to certain crypto futures products for eligible Canadian users through Coinbase Financial Markets, the company’s CFTC-regulated U.S. subsidiary.

Richmond said Coinbase was able to pursue this offering after receiving an international exemption from Canadian regulators. However, expanding the product to a broader retail audience would require additional approvals in Canada, unlike the U.S., where the existing regulatory structure provides a more direct route.

According to Richmond, the challenge is not simply about regulatory delays but about the fundamental differences between the two countries’ systems.

“It is not necessarily just a regulatory issue; the structure of the rules is different,” he said.

Coinbase Supports Harmonized National Crypto Rules

Despite the challenges, Richmond said he remains positive 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, calling it an important step toward establishing clearer rules for crypto businesses.

Following the introduction of stablecoin legislation, Tetra Trust launched CADD, Canada’s first regulated Canadian-dollar stablecoin issued by a financial institution. The project is backed by major companies and institutions, including Wealthsimple, Shopify, and National Bank of Canada.

Richmond said Canada has already shown that crypto companies can operate within a regulated environment. The next challenge is ensuring that regulations can support emerging areas such as blockchain-based payments, derivatives, tokenized securities, and decentralized finance.

Rather than forcing companies to interpret scattered regulatory guidance, Richmond believes Canada should convert existing 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 ensure 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 every province,” Richmond said.

A harmonized framework would move Canada away from a system heavily reliant on exemptions and toward clearer rules that provide greater certainty for both businesses and regulators.

The regulatory direction Canada chooses could determine how quickly advanced crypto products already offered to U.S. customers become available to Canadian users.