With a strategic move that marks a strong signal of confidence in the future of the Canadian crypto market, Kraken has obtained registration as a restricted dealer in Canada.
The announcement, released on April 2, comes at a delicate time for the crypto sector in the country, following the sudden exit of competitor Gemini at the end of 2024.
Summary
Crypto news for Kraken: a renewed commitment towards investors in Canada
The registration as a restricted dealer, issued in collaboration with the Ontario Securities Commission (OSC), demonstrates Kraken’s intention to consolidate its position in Canada.
Furthermore, it demonstrates the willingness to offer its users an investment environment compliant with the highest regulatory standards. Currently, Kraken manages over 2 billion Canadian dollars, equivalent to approximately 1.4 billion US dollars, in assets under custody for its Canadian users.
According to the guidelines of the Canadian regulatory bodies (Canadian Securities Administrators, CSA), registration as a restricted dealer represents one of the eight official forms of registration available for companies operating in the capital markets.
This is a type designed for companies that do not fit perfectly into other traditional categories, such as investment dealers or fund managers, and it includes specific conditions and requirements set by the competent authorities.
With the obtaining of this registration, Kraken states that it wants to offer Canadian customers a regulated and reliable infrastructure, capable of ensuring continuity and transparency.
In parallel with the news of the authorization as a restricted dealer, Kraken announced the appointment of Cynthia Del Pozo as the new General Manager for North America.
An operation that seems to want to further strengthen the strategic presence of the company in the region.
Del Pozo is not new to the Canadian context of criptovalute. Before her planned entry in 2025 into the Kraken team, she held the role of head of strategy and corporate development for Gemini Canada, where she worked for three years.
After the exit of Gemini, Kraken picks up the baton
The exit of Gemini from the Canadian market was met with surprise by many in the sector, raising questions about the country’s regulatory approach towards cryptocurrencies.
Despite the closure of Gemini’s operations, Del Pozo expressed an optimistic view regarding the evolution of the Canadian digital asset market.
“Canada is at a turning point for the adoption of cryptocurrencies”,
stated, emphasizing how a growing number of investors and institutions are recognizing digital assets as a central component of the financial future:
“I am excited to join Kraken’s mission at this crucial moment and to lead our expansion efforts. We are committed to serving our customers in the long term with innovative and compliant products.”
In any case, Kraken, unlike its competitors, has chosen to move in the opposite direction, strengthening its commitment through an initiative of proactive compliance.
The decision to obtain an official registration and appoint an expert figure in the sector like Cynthia Del Pozo, signals not only a long-term vision but also a strategy focused on regulatory stability and investor confidence.
This strategic choice could prove to be particularly successful in a context where regulatory clarity represents one of the most relevant assets for attracting both retail and institutional investors.
The role of Canada in the future of cryptocurrencies
In recent years, Canada has emerged as a fertile ground for digital assets, but at the same time, it has adopted a cautious and often stringent approach in terms of regulations.
This has generated divisions among the main exchange platforms: some have chosen the path of exit, while others, like Kraken, have preferred to move towards an integration with the regulatory system.
The words of Del Pozo reflect this moment of transition: the growing confidence from investors and institutions suggests a country ready to seize the opportunities of blockchain technology and digital assets, provided that it respects the rules.
The support of the Ontario Securities Commission, combined with the flexibility offered by registration as a restricted dealer, can provide Kraken with a competitive advantage in consolidating its base in the Canadian market, which is continuously developing.
The official and regulated entry of Kraken into the Canadian market fits into a global scenario where crypto platforms are increasingly called upon to find a balance between financial innovation and regulatory compliance.
Kraken has decided to focus on the second option, adopting a collaborative and transparent attitude towards local authorities.
While Gemini has left the scene, Kraken now occupies the space left vacant, demonstrating that, even in a young and rapidly evolving sector like that of cryptocurrencies, regulation and strategic vision can go hand in hand.