We are pleased to announce that Kraken has filed a Pre-Registration Undertaking (PRU) with the Ontario Securities Commission. This PRU is a step on the road to registration as a restricted practice dealer across Canada and demonstrates our commitment to following the Canadian Securities Administrators’ recently enhanced investor protection guidelines for crypto exchanges.
Given the additional work required to obtain a regulatory license, some global exchanges have restricted or ceased offering services to Canadian clients. Kraken, however, is committed to supporting Canada as the cornerstone of our global business. In fact, we are proud to currently employ 250 Canadians who are all working hard to bring financial freedom to customers in their home jurisdiction!
Canada is quickly becoming a major player in the crypto market. According to a recent OSC investigation, 38% of Canadians believe crypto assets play a key role in financial services, and 31% of Canadians plan to buy crypto assets in the next 12 months. Additionally, 13% of Canadians already own crypto assets, and of those who own crypto assets, 27% trade them at least once a week. This shows that Canadians are increasingly recognizing the value of crypto assets and are actively investing in them. With its strong economy and favorable government regulations, Canada is an attractive market for crypto investors and the country is expected to continue to be a major player in the crypto market in the years to come.
Kraken is already very active in Canada. Our exchange supports CAD spot pairs and our 24/7 support offers tailored assistance to Canadian clients looking for a secure and reliable trading platform. Over the next few months, Kraken will be making some changes to services in Canada. We always aim to create a great customer experience and will notify our customers before implementing any changes that will impact trading. The PRU will help maintain the integrity of our operations and help all Canadians achieve financial freedom through crypto.
By signing this PRU, we signal our commitment to Canadian customers as a long-term partner. We will continue to engage with space regulators to better serve you, our customers.