In the vibrant setting of Consensus 2025 in Toronto, Lucas Matheson, the CEO of Coinbase Canada, urged the freshly appointed government under Mark Carney to craft a national crypto strategy posthaste. Matheson emphasized the urgency for Canada to solidify its position as a frontrunner in the blockchain arena, warning that the country risks trailing behind as other nations forge ahead with their crypto policies.
A Call for Leadership
During a panel discussion aptly titled, “What the new Canadian Government Needs to do to Lead In Crypto,” Matheson laid out a roadmap for how Canada can leap to the forefront of blockchain innovation. He pointed to the country’s rich history in crypto development, noting that Ethereum’s roots and a robust cadre of Web3 developers hail from Canadian soil. But resting on laurels, he argued, is not an option.
“We need leadership. We need champions in government to embrace this technology and legitimize it in the eyes of the everyday Canadian,” Matheson declared, advocating for a dedicated federal crypto leader akin to the U.S. crypto czar. This call for leadership echoes the ongoing discussions in the U.S., where Congress is preparing for intense debates over crypto legislation this summer. According to Matheson, a government-led crypto task force should be established within the first 100 days of Carney’s administration. This task force would be instrumental in defining digital assets, regulating stablecoins, and enabling banks to securely hold cryptocurrency.
The Roadmap Ahead
Matheson’s vision includes creating a strategic bitcoin reserve and integrating crypto mining with existing data centers—an ambitious plan that would require deft policy navigation. He also underscored the potential of stablecoins, particularly those denominated in Canadian dollars, to stabilize the digital assets market and enhance financial efficiency.
“One in five Canadians remit money abroad. We pay between 6% and 12% to remit money all around the world. And today, with crypto, you can click different buttons on your phone and send your friends and family 6% to 12% more money,” Matheson remarked, highlighting the inefficiencies of the current remittance system and the potential of crypto to revolutionize it.
The underbanked population, which Matheson estimates to be around 15% of Canadians, presents, in his view, a “significant opportunity for us to drive innovation and change” through the adoption of cryptocurrency.
Rallying Support and Addressing Misconceptions
To bolster his call for regulatory change, Matheson championed the “Stand with Crypto” initiative, a movement aimed at enlightening lawmakers on the blockchain’s benefits and dispelling myths. This initiative, gaining momentum among industry leaders, seeks to build a coalition of support within Parliament. Similar efforts are seen in the U.S., where crypto groups are urging the SEC for clarity on staking, highlighting the global push for regulatory transparency.
As Canada stands on the cusp of a new era under Carney’s leadership, Matheson expressed optimism about the administration’s willingness to explore technological advancements. “They [Liberals] are mandated to build Canada to find economic growth and opportunities for us to embrace technology,” he noted, adding that the government appears highly motivated to seize economic advantages offered by emerging technologies like crypto.
Yet, the path forward is fraught with challenges. Matheson warned that the complexity of Canada’s regulatory framework presents a “square peg, round hole, legal definitional problem,” pushing Canadians to seek crypto services abroad—a move that could erode domestic opportunities and increase exposure to risks.
A Race Against Time
Matheson’s message was clear: Canada cannot afford to dally. In the competitive global landscape of integrating crypto into financial systems, time is of the essence. “We’re at risk for not moving fast enough to embrace the types of technology and products and services in Canada,” he cautioned. As a regulated financial institution, Coinbase Canada is acutely aware of the need to introduce compliant crypto products and services domestically to prevent Canadians from resorting to unregulated platforms internationally.
The stakes are high, and the clock is ticking. For Canada to truly harness the transformative power of blockchain technology, decisive action and visionary leadership are imperative. The coming months could very well determine whether Canada leads in the next chapter of the digital revolution or watches from the sidelines.
Source
This article is based on: Coinbase Canada CEO Urges Mark Carney Government to Move Fast on National Crypto Strategy
Further Reading
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- Visa and Baanx Launch USDC Stablecoin Payment Cards
- SEC Ditches PayPal’s PYUSD Probe, Removing Key Regulatory Hurdle for Its Stablecoin
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
