Canada has had a spot BTC ETF for years, but the surge in interest from the U.S. may boost its neighbor’s market and increase competition.
Canadians have had spot Bitcoin (BTC) exchange-traded funds (ETFs) available to them since early 2021, but there may be subtle effects on the market now that their neighbors to the south have the same opportunities, Coinbase Canada director Lucas Matheson told Cointelegraph.
Matheson praised Canadian regulators as “leading the world.” Spot BTC EFTs have been gradually integrated into the larger Canadian financial system since their introduction and are becoming a standard part of family office holdings, tax-advantaged funds and other mainstream financial products, Matheson said.
The United States Securities and Exchange Commission (SEC) decision to approve spot BTC ETFs “validates cryptocurrencies as an asset class and builds credibility for the industry at large,” Matheson said, adding:
