Coinbase announced it is the first international cryptocurrency exchange to be registered as a Restricted Dealer by the Canadian Securities Administrators.

Coinbase called the news a “culmination of months of work” since expanding into Canada in March 2023 and marks Coinbase’s seventh international registration in the last year, behind France, Spain, Singapore, Italy, Ireland, and the Netherlands.

“This is a significant milestone in Coinbase’s journey in Canada,” Lucas Matheson, CEO of Coinbase Canada, said in a news release Thursday. “We’re excited to continue working with stakeholders across Canada to accelerate the adoption of digital assets, foster economic empowerment, and reshape the financial system.”

Coinbase has marked Canada as the third-most crypto-aware nation, with internal surveys showing that 29 per cent of Canadians would be interested in investing if there were more regulation in the industry.

“Regulation is critical to the success of the crypto industry and is essential for building trust,” Faryar Shirzad, chief policy officer at Coinbase, said in the release. “We applaud the Canadian securities regulators’ demonstrated commitment to bring clarity to the industry and are excited for what this next chapter holds for Coinbase in Canada.”

Coinbase CEO Brian Armstrong has been complimentary of the Canadian regulatory framework in past, saying that Canadian regulators have shown “great leadership” during a town hall event in Toronto back in November.

“Canada can rightfully lord that over the U.S. that they are doing a better job creating regulatory clarity around crypto,” Armstrong said at the time.

“I'll take some pointers home from this trip for our U.S. counterparts.”

Coinbase’s Toronto office is its largest tech hub outside the U.S., with more than 200 full-time employees.

The announcement comes at a time of turmoil at Canada’s largest crypto exchange, WonderFi, which last week saw a major investor call for a C-suite shakeup after its stock fell 16 per cent in the past four months, but the price of Bitcoin climbed 60 per cent.