Coinbase recently launched its operations in Canada with the belief that being the 3rd nation worldwide, would greatly enhance its activities. It is now following the regulations and will be stopping the trades that deal with USDT, RAI, and DAI.
Canada And It’s Crypto Regulations
The regulators in Canada have set up new policies that have led Coinbase to suspend USDT, DAI, and RAI trades in the country. Ontario Securities Commission imposed this regulation in 2021 and Coinbase vowed to work with these organizations to ensure the crypto market is entirely on track.
According to an email that was sent to customers on Monday, Tether, RAI, and DAI don’t meet the standards set by the company. The suspension of the coins will not affect the wallets that are connected with RAI, DAI, and USDT. As of 31st August, Decrypt confirms that the action will start on 31st August.
The CSA speaks
The Canadian Securities Administrators (CSA) had mentioned earlier that it considers Tether and other stable coins as securities and therefore they did not deserve to be traded in Canada.
It had also stated, that Canadians were not allowed to be involved with any token that is considered financial security. Coinbase recently launched their operations on Wednesday and they agreed to comply hence they will follow suit with the regulations set.