Following the regulatory sandbox approval by Canadian regulators, Wealthsimple announced that it has launched “Canada’s first regulated crypto platform.” The new crypto exchange is regulated by the federal government as well as regulators in 13 provinces and territories in Canada.
Wealthsimple Crypto Regulated in All Provinces and Territories in Canada
Canadian investment management firm Wealthsimple announced Tuesday that its cryptocurrency exchange has launched. The company explained that Wealthsimple Crypto is “Canada’s first regulated crypto platform” that offers “No minimums or fees for deposits or withdrawals,” elaborating:
Wealthsimple has the first regulated crypto trading platform in Canada … You can now buy and sell bitcoin and ethereum with Wealthsimple Crypto.
The company’s cryptocurrency arm, Wealthsimple Digital Assets Inc. (WDA), received regulatory approval from the Canadian Securities Administrators (CSA) on Aug. 7 to launch a cryptocurrency trading platform. The firm applied for “exemptive relief” in all Canadian jurisdictions as permitted in “CSA Staff Notice 21-327 Guidance on the Application of Securities Legislation to Entities Facilitating the Trading of Crypto Assets.” The CSA comprises securities regulators from each of the 10 provinces and three territories in Canada.
Cryptocurrencies traded on Wealthsimple’s platform are held by Gemini Trust Company, a New York-based regulated crypto custodian with $200 million in cold storage insurance coverage, the company described. After opening a dedicated Wealthsimple Crypto account, users can buy, sell, and hold their cryptocurrencies within the Wealthsimple Trade app which can also be used to buy and sell stocks, bonds, and exchange-traded funds (ETFs). Deposits and withdrawals can only be made in Canadian dollars.
Wealthsimple’s general counsel Blair Wiley detailed:
There are 13 provinces and territories in Canada, and each one regulates us. Plus, we are regulated by the federal government.
In all Canadian jurisdictions other than Québec, WDA is registered as a restricted dealer, whereas it is registered as a derivatives dealer in Québec. With offices in Toronto, New York, and London, Wealthsimple claims to have over 175,000 users worldwide.
What do you think about Wealthsimple’s regulated crypto exchange? Let us know in the comments section below.
The post Canadian Regulated Cryptocurrency Exchange Wealthsimple Begins Trading appeared first on Bitcoin News.