Size and energy allowed Kraken to stay in Canada after the imposition of new registration requirements for crypto exchanges in February. But in spite of the demanding process, the regulatory clarity has benefited the company, Kraken managing director for Canada Mark Greenberg said.
Speaking to Cointelegraph’s Sam Bourgi at the Blockchain Futurist Conference in Toronto, Greenberg had positive things to say about the Canadian regulatory environment:
“The Canadian regulators have been collaborative, helpful. […] There’s a clear regulatory pathway. It’s allowed us to invest in the country.”
Kraken has a staff of over 250 in Canada, Greenberg said. That strong base has been key to the company’s success in the country. After registration rules for crypto exchanges were tightened in Canada in February by the Canadian Securities Administrators, requiring them to register as restricted dealers, some exchanges, such as OKX, left the country.
“It’s not the easiest thing to meet those requirements,” Greenberg said, “especially for smaller platforms […] that just weren’t able to put that kind of energy against it.”
Kraken, however, reiterated its commitment to Canada, where it has been operating with money service business registration since 2011. “It took a lot of work for us,” Greenberg continued. “We’re lucky in that we have a great user base here in Canada, and we were able to make those costs work.”
“We need to solve the fraud problem, we need to solve scams, and we need to stop talking about it as a crypto-specific issue.”
On-ramps and off-ramps remain challenging. The five major banks in Canada “have typically been relatively hostile to crypto,” according to Greenberg. It is possible to make fiat payments to crypto exchanges or receive fiat from them in person at Canada Post. In addition, Kraken has partnered with the Canadian payment service Payper to provide instant e-money transfers of up to 3,000 Canadian dollars.
“We have many rails we hope to build over the coming months and years,” Greenberg said.
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”.