Kraken’s Canadian Adventure: A Tale of Crypto and Compliance! 🦑💰

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It is a truth universally acknowledged, that a crypto exchange in possession of a Restricted Dealer registration, must be in want of a market. Thus, it is with great pleasure that we announce the Kraken, that most enterprising of exchanges, has secured such a registration in the fair land of Canada. This esteemed recognition permits Kraken to ply its trade and offer its digital wares, albeit under the watchful eye of the government, which, as we know, has rules aplenty.

In a most fortuitous turn of events, the Kraken has recently completed a pre-registration undertaking (PRU) with the authorities of Canada, and the Ontario Securities Commission (OSC) shall now oversee its adherence to the prescribed regulations. The Canadian Securities Administrators (CSA) have classified this Restricted Dealer registration as one of eight firm registration types, a rather exclusive club for those companies that do not quite fit into other categories yet are still required to play by the rules. How delightfully complicated!

It is worth noting that this development occurs at a time when other exchanges, such as the illustrious Gemini, have chosen to depart from Canada, citing the stricter regulations as their reason for flight. Meanwhile, Kraken has made a most astute decision in appointing the capable Cynthia Del Pozo as its new General Manager for North America. With nearly 15 years of experience in the realms of finance and technology, she is poised to assist Kraken in its noble quest for growth in Canada, whilst maintaining a cordial relationship with the regulators.

“Canada stands at a pivotal juncture for the adoption of cryptocurrency,” declared the ever-enthusiastic Del Pozo, “as an increasing number of investors and institutions come to recognize digital assets as an essential component of our financial future.” One cannot help but admire her optimism! Over the past two years, Kraken has flourished in Canada, doubling its team size and welcoming a multitude of new users to its platform. Presently, Kraken boasts more than $2 billion CAD in client assets, and has graciously expanded the options available for Canadians to trade cryptocurrencies without incurring additional fees for currency exchange. How generous!

In a rather amusing twist, a survey conducted in 2024 revealed that 30% of Canadians have dabbled in the ownership of cryptocurrencies, while another survey found that an equal percentage of Canadian businesses have also ventured into the world of crypto investment. It appears that the digital revolution is indeed upon us, and one can only wonder what further developments await in this ever-evolving narrative.

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2025-04-02 22:14