Canada is expected to become a crypto hub

Michael Katchen, co-founder and CEO of Canadian investment management firm Wealthsimple, believes local authorities and regulators should create a crypto-friendly ecosystem. He added that blockchain technology is "exciting", while some of the smartest people in the tech industry are "flocking" to the digital asset space. In a recent interview for Bloomberg, Katchen called on Canadian policy makers to increase the country's presence in the cryptocurrency sector. In his opinion, the asset class must be subject to global supervision as it is rapidly expanding. According to the CEO of Wealthsimple, a lot of smart people have been moving into space lately. As such, Canada "could plant a flag" and open its doors to those people: “The smartest people in technology and the smartest engineers are flocking to build applications in this space, which is generally what we see at the height of any major technology revolution. Canada could help people who want to work on crypto projects and companies investing in the blockchain.

Katchen also talked about bitcoin, figuring it could become a reserve currency in the future. However, he glimpses speculative actions surrounding the primary digital asset and highlighted Wealthsimple's efforts to educate users on how to invest responsibly. It is worth noting that the investment giant with nearly $ 12 billion in assets under management last year allowed its clients to buy cryptocurrencies, including Bitcoin, Ether, Solana, Dogecoin, Shiba Inu and more. It is certain that the Canadian authorities are open to the crypto universe. In February 2021, the Ontario Securities Commission (OSC) approved the country's first Bitcoin Exchange-Traded Fund. The financial product called the Purpose Bitcoin ETF amassed around $ 421 million in assets in its first few trading days. In September, they gave the green light to the first multi-cryptocurrency ETF focused on Bitcoin and Ether, dubbed EvolveETF. Local politicians have also spoken out in favor of the asset class. A few months ago, Maxime Bernier, leader of the rapidly growing Canadian "People's Party", said he supports bitcoin and altcoin. He sees them as an opposition to the "destructive" policies that central banks have launched.