Jeremy Koven, the president of Canada-based crypto exchange CoinSmart and president at WonderFi, pointed to areas of concern for crypto firms in the United States looking for regulatory clarity and favorable tax policy.
Speaking to Cointelegraph at the Blockchain Futurist Conference in Toronto on Aug. 16, Koven said promoting crypto at casinos and for sports betting was “really a no-brainer” in Canada, where many users were interested in gaming. He also pointed to the U.S. for dividing crypto rules among the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission, raising concerns among firms looking for clear regulations.
“Canada […] has done a very good job with that,” said Koven on regulation. “Taxes can be sorted out. That’s country to country, of course. I know the U.S. takes that stance that every time you make a purchase, you are selling your crypto, but other countries are a little bit more favorable right now.”
CoinSmart announced it would merge with WonderFi and Coinsquare in April, creating one of the largest crypto trading platforms in Canada with more than 1.6 million users — there are roughly 38 million people in Canada. The merger followed Coinsquare acquiring CoinSmart in September 2022.
Crypto users in Canada have seen a number of developments come as the U.S. continues to struggle with regulatory clarity. While the SEC has never approved any spot Bitcoin (BTC) exchange-traded fund in the U.S., Purpose launched one in Canada in February 2021, prompting other firms to follow in its footsteps.
On Aug. 14, Coinbase announced it had expanded the services offered to Canadian users through a partnership with Peoples Trust Company. Other major exchanges like Binance, however, have pulled out of the country amid concerns by regulators.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.