Coinbase Canada CEO Calls for National Crypto Strategy

Lucas Matheson, CEO of Coinbase Canada, called on the new Canadian government to develop a national crypto strategy during his appearance at Consensus 2025 in Toronto. Matheson emphasized the need for Canada to take a proactive approach in shaping its crypto policies to maintain its position as a leader in the blockchain space.

Matheson highlighted Canada's historical role as a hub for crypto innovation, citing the origins of Ethereum and the strong presence of Web3 developers at Canadian universities. However, he warned that the country risks falling behind other nations that are actively shaping their crypto policies. Matheson stressed the importance of having a dedicated federal crypto leader, similar to the U.S. crypto czar, to drive innovation and legitimize the technology in the eyes of everyday Canadians.

One of Matheson's primary suggestions was for the new administration to establish a government-led crypto task force within the first 100 days. This task force would be responsible for developing a national crypto strategy, including defining digital assets, regulating stablecoins, and allowing banks to hold crypto securely. Matheson also proposed creating a strategic bitcoin reserve and integrating crypto mining with existing data centers.

Matheson noted that stablecoins could play a key role in making digital assets less speculative. He suggested that Canada needs a stable, Canadian-dollar-denominated coin to boost financial efficiency, particularly for the one in five Canadians who remit money abroad. Matheson pointed out that the current cost of remittances is between 6% and 12%, and that crypto could significantly reduce these costs.

Matheson also highlighted the significant opportunity for innovation and change in Canada, given that 15% of Canadians are considered underbanked. He emphasized the need for policy change to drive innovation and address misconceptions about blockchain technology. To further advocate for policy change, Matheson pointed to the "Stand with Crypto" initiative, which aims to educate lawmakers about the benefits of blockchain and build support among members of Parliament.

As Canada transitions to a new government led by Mark Carney, Matheson expressed optimism about the new administration's mandates regarding innovative technology. He noted that the Liberals are mandated to build Canada to find economic growth and opportunities to embrace technology. However, Matheson cautioned that Canada risks being left behind in the global race to integrate crypto into the financial system unless it takes swift action.

Matheson compared the current challenges in Canada to "a square peg, round hole, legal definitional problem," due to several different layers of securities regulators. This means that Canadians are forced to look elsewhere for crypto-related services, potentially resulting in a loss of opportunity for the country and opening users to risks. Matheson emphasized the need for a compliant way to introduce these products and services in Canada, so that Canadians aren't just using a VPN and jumping off and using non-compliant platforms around the world.