Canada Should Plant a Flag in Crypto, Says Wealthsimple’s CEO

Michael Katchen – the Co-Founder and Chief Executive Officer at the Canadian investment management firm Wealthsimple – believes local authorities and regulators should create a crypto-friendly ecosystem. He added that blockchain technology is “wildly exciting,” while some of the smartest people in the tech industry “are flocking” into the digital asset space.

Canada Should Become a Crypto Hub

In a recent interview for Bloomberg, Katchen called upon the Canadian policymakers to increase the country’s presence in the cryptocurrency industry. In his view, the asset class needs to be put under comprehensive supervision as it has been rapidly expanding.

According to Wealthsimple’s CEO, many intelligent individuals have been shifting towards the 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 the thing that we see at the cusp of any major technology revolution. Canada could plant a flag and say, ‘We want to help the smartest people that want to be working on crypto projects, companies on the blockchain – do it from Canada.’”

Katchen also touched upon bitcoin, envisioning it could become a reserve currency in the future. However, he sees “a heck of speculation” surrounding the primary digital asset and highlighted Wealthsimple’s efforts to educate users on how to invest responsibly.

It is worth noting that last year the investment giant with nearly $12 billion in assets under management enabled its clients to buy cryptocurrencies, including Bitcoin, Ether, Solana, Dogecoin, Shiba Inu, and more.

The Local Crypto Environment

It is safe to say that the Canadian authorities are open to the crypto universe. In February 2021, the Ontario Securities Commission (OSC) approved the first Bitcoin Exchange-Traded Fund in the country. The financial product called the Purpose Bitcoin ETF accumulated around $421 million in assets within its starting days of trading.

In September, the local watchdogs greenlighted the first multi-cryptocurrency ETF focused on Bitcoin and Ether, dubbed EvolveETF.

Local politicians have spoken in favor of the asset class, too. A few months ago, Maxime Bernier – leader of the fast-growing “People’s Party” of Canada – said he supports bitcoin and the altcoins. He sees them as an opposition to the “destroying” policies, which central banks have been launching.