Canada’s transparent crypto regulations are luring established financial companies as per the CEO of WonderFi

According to Dean Skurka, the expense of compliance with laws has grown, but institutional interest in cryptocurrency has surged as a result.

According to Skurka, institutional investors have been more active on his exchange. “These institutional investors, more knowledgeable investors, are less susceptible to market emotion and trends and take a more basic approach to their portfolios. In light of recent legislation, we can see that a significant portion of our clients is changing.”

Major cryptocurrency trading platforms have reportedly pulled out of the Canadian market because they found the country’s regulatory environment too difficult. In light of “recent regulatory development,” Bybit declared on May 30 that it will no longer let new Canadian accounts be registered, while on May 12 Binance announced it was discontinuing operations with Canadians.

However, Skurka believes that the definite rules in Canada have been beneficial to WonderFi. As he put it: “Because of the licences and platforms we control, there are fewer places where institutional customers may purchase crypto services. […] More people are using the solutions we’ve released for long-term holders like staking, and that’s true not only on the institutional side.”

After the failure of loan platforms like Celsius and Voyager, Skurka emphasised that long-term holders in Canada had been left without services tailored to their requirements. However, the cost of operating an exchange has risen as a result of additional laws enacted in response to these failures. Skurka interpreted this to suggest that market consolidation was necessary for the cryptocurrency industry to bear the increased expenses.

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