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Coinbase becomes first international crypto exchange to secure restricted dealer licence in Canada
United States (US) cryptocurrency giant Coinbase has announced that it has become registered as a restricted dealer in Canada with the Canadian Securities Administrators (CSA).
This makes Coinbase the first international crypto exchange—and, it claims, the largest—to become registered in Canada to date. In a statement, Coinbase Canada CEO Lucas Matheson called the news “a significant milestone in Coinbase’s journey in Canada,” noting that the company intends to continue working with stakeholders across the country.
Following the collapse of numerous unregulated crypto trading platforms in 2022, the CSA has levied more restrictions on exchanges operating in Canada, seeking to protect investors and prevent another FTX debacle, and pushed all firms to become regulated, leading Coinbase competitor Binance and others to pull out of Canada.
With the news, Coinbase has now joined a group of domestic crypto trading platforms registered with the CSA that includes WonderFi-owned Bitbuy and Coinsquare, Netcoins, Newton, Shakepay, VirgoCX, and Wealthsimple. Other international players, including Crypto.com, Gemini, and Kraken, are also hoping to join these ranks.
Coinbase, which had quietly operated in Canada for some time now, announced its “official entry” into the country in 2023. Last March, the firm completed a pre-registration undertaking, initiating the process of becoming registered with Canadian securities regulators.
“We’re really excited to be committing to Canada for the long term,” Coinbase’s Matheson told BetaKit in an August 2023 interview.
Coinbase is not new to Canada: the company has operated here for years, offering crypto trading services, and investing in Canadian startups. Today, with nearly 200 full-time employees, Canada represents its largest tech hub outside of the US.
According to Matheson, Coinbase sees room to expand in Canada given the country’s “regulatory clarity,” strong developer ecosystem, and crypto-aware population.
This approval comes as Coinbase and other US crypto firms face a regulatory crackdown at home, with Coinbase fighting a lawsuit from the Securities and Exchange Commission regarding the alleged unregistered sale of securities.
Over the past 12 months, international expansion and regulatory approval have been a key focus for the firm, which said it has now obtained licences and registrations in France, Spain, Singapore, Italy, Ireland, and the Netherlands.
Source: betakit.com
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Basel Committee highlights rising risks from finance digitalisation in new report
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French fintech Lydia launches digital banking app Sumeria
Lydia, a prominent French fintech company known for its innovative financial solutions, has taken a significant leap forward with the launch of its new digital banking app, Sumeria. This development marks a strategic expansion for Lydia as it continues to redefine the financial landscape in Europe and beyond.
About Lydia
Since its inception, Lydia has been at the forefront of fintech innovation in France, providing users with seamless and user-friendly payment solutions. The company has built a strong reputation for its mobile payment app, which allows users to send and receive money, pay for goods and services, and manage their finances with ease. With millions of users and a robust platform, Lydia is well-positioned to venture into the digital banking space.
Introducing Sumeria
Sumeria is Lydia’s latest offering, designed to cater to the growing demand for comprehensive digital banking solutions. The app aims to provide users with a full suite of banking services, all accessible from their smartphones. Key features of Sumeria include:
- Personal and Business Accounts: Sumeria offers both personal and business accounts, enabling users to manage their finances efficiently. The app supports a range of functionalities tailored to meet the needs of individual users and small to medium-sized enterprises (SMEs).
- Intuitive Interface: True to Lydia’s commitment to user experience, Sumeria boasts an intuitive and easy-to-navigate interface. Users can quickly access account information, transaction history, and various banking services with just a few taps.
- Comprehensive Financial Tools: Sumeria provides a range of financial tools designed to help users better manage their money. Features such as budgeting, expense tracking, and personalized financial insights empower users to make informed financial decisions.
- Security and Privacy: Lydia places a high priority on security, and Sumeria is no exception. The app incorporates advanced security measures, including biometric authentication and end-to-end encryption, to ensure that users’ financial data is protected.
- Integrated Payments: Leveraging Lydia’s expertise in payments, Sumeria integrates seamless payment solutions, allowing users to send and receive money instantly, pay bills, and make purchases directly from the app.
Strategic Implications
The launch of Sumeria represents a strategic move for Lydia, positioning the company as a formidable player in the digital banking arena. By expanding its product offering, Lydia aims to capture a larger share of the market and meet the evolving needs of its users. This initiative also reflects a broader trend in the fintech industry, where traditional payment service providers are evolving into comprehensive financial service platforms.
Market Impact
Sumeria’s entry into the market is poised to have a significant impact. With its user-centric design and robust feature set, the app is likely to attract a diverse user base, from tech-savvy millennials to SMEs seeking efficient banking solutions. Moreover, Sumeria’s integration with Lydia’s existing payment infrastructure provides a seamless transition for current Lydia users, further boosting its adoption.
Future Prospects
Looking ahead, Lydia plans to continually enhance Sumeria by adding new features and expanding its services. The company’s focus on innovation and customer satisfaction will be key drivers of Sumeria’s growth. Additionally, Lydia’s potential to scale Sumeria across other European markets presents a substantial opportunity for further expansion.
Source: fintechfutures.com
The post French fintech Lydia launches digital banking app Sumeria appeared first on HIPTHER Alerts.
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