Quote:
Originally Posted by opendoor
The problem is, the more akin to everyday banking that crypto is, the more it can be regulated. So if a bunch of people start using crypto.com accounts and use their debit cards for everyday spending, why couldn't Canadian securities regulators require that the company register and be subject to regulations? I mean, that already exists with some exchanges (Weathsimple, Bitbuy, etc.), so it wouldn't be all that difficult to require it for all of them. And with that, comes the downsides of a normal bank account regarding regulatory oversight.
Sure, if you are savvy enough to take all the correct steps and don't use those kinds of companies for your transactions then you can basically be immune from government oversight, but then you're back out of the realm of simple, everyday banking for the average person. I mean, you can also largely do the same with offshore accounts, cash, etc. with fiat money, but barely anyone does that because in day to day life, there's no benefit for the average person.
I think crypto can potentially solve some use-case scenarios (i.e. sending money internationally cheaply, large purchases across different currencies without getting screwed by awful exchange rates, etc.), but then if that becomes something that's used commonly by the average person, then traditional financial institutions will likely adjust as well. Look at the United States, they were still swiping credit cards until a few years ago when mobile payment systems basically forced them into the modern age almost overnight.
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Already done.
Crypto.com is registered and insured in Canada. Were one of the first Crypto companies to do so.
Other than that I agree, and I welcome the regulation & oversight. The Canadian government is responsible for protecting Canadian citizens via proper oversight of financial companies. Plus it forces companies like Crypto.com Wealthsimple, Coinbase and others to operate within the law, so I as a Canadian know I can trust their services.