Coinbase Canada CEO Urges Mark Carney Government to Move Fast on National Crypto Strategy
Coinbase Canada CEO Lucas Matheson advocates for a national Canadian crypto strategy, highlighting Canada’s potential but also its risk of falling behind other nations. Speaking at Consensus 2025, Matheson emphasized Canada’s historical role in crypto innovation, citing Ethereum’s origins and the strong Web3 developer community in Canadian universities. However, he stressed the need for proactive government leadership to avoid stagnation.
Matheson proposes a multi-pronged approach. Firstly, he suggests establishing a government-led crypto task force within 100 days of the new administration’s term to develop a comprehensive national strategy. This strategy should include clear definitions of digital assets, regulation of stablecoins, and secure crypto custody for banks. A strategic bitcoin reserve and integration of crypto mining with existing data centers are also key proposals.
He further suggests that a Canadian dollar-denominated stablecoin could significantly improve financial efficiency, particularly for remittances. Currently, Canadians remitting money abroad pay high fees (6-12%), a cost that crypto could significantly reduce. Moreover, the substantial underbanked population (15%) presents a unique opportunity for crypto-driven financial inclusion.
To facilitate policy changes, Matheson highlights the “Stand with Crypto” initiative, an educational campaign aiming to inform lawmakers about blockchain’s benefits and dispel misconceptions. He expresses optimism regarding the new government’s focus on technological innovation and economic growth, but emphasizes the urgency of action.
Matheson warns that Canada’s current regulatory fragmentation creates significant challenges, forcing Canadians to seek crypto services abroad, leading to both lost opportunities and increased user risks. He describes the situation as a “square peg, round hole, legal definitional problem,” hindering the compliant introduction of crypto products and services within the country. The lack of a cohesive strategy, he argues, risks Canada falling behind in the global race to integrate crypto into its financial system.
