Canada Should Plant a Flag in Crypto, Says Wealthsimple’s CEO

Michael Katchen, the Chief Executive Officer and Co-Founder of Wealthsimple, a Canadian investment management company, believes that regulators and local authorities should create a crypto friendly ecosystem. He said that blockchain technology was “wildly exciting” and that some of the most intelligent people in tech are “flocking” to the digital asset space.

Canada should be a crypto hub

Katchen, in a Bloomberg interview, called on Canadian policymakers for greater participation in the cryptocurrency market. Katchen believes that the asset class must be under strict supervision because it is rapidly growing.

Wealthsimple CEO says that many smart people have been moving towards the space in recent years. Canada could therefore “plant a flag” to open its doors for those who are interested.

“The most innovative technology is being developed in this area by the best engineers and technologists. This is the space that we are at the forefront of major technological revolutions. Canada could fly a flag to say: “We want to help crypto projects, companies on blockchain – do so from Canada.”

Katchen also mentioned bitcoin and how it could be a reserve currency. He does see “a lot of speculation” around the primary digital asset, and he highlighted Wealthsimple’s efforts to help users invest responsibly.

Michael Katchen, Source: Bloomberg

It’s worth noting, however, that the investment giant, with almost $12 billion in assets under its management, allowed its clients to purchase cryptocurrencies such as Bitcoin, Ether and Solana, Dogecoins, Shiba Inu, among others, last year.

The Local Crypto Environment

It is safe for us to assume that Canadian authorities are open to crypto. The first Bitcoin Exchange-Traded Fund was approved by the Ontario Securities Commission (OSC), in February 2021. In its first trading days, the Purpose bitcoin ETF had approximately $421 million in assets.

The first multi-cryptocurrency ETF focusing on Bitcoin and Ether was approved by local watchdogs in September. It was dubbed EvolveETF.

Local politicians also voted in support of the asset class. Maxime Bernier, leader of Canada’s fast-growing People’s Party, stated that he supports Bitcoin and other altcoins a few months back. They are seen as an opposition against the “destroying” policies that central banks have been launching.

Read More

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami