Zonda, one of the largest European-based digital currency exchanges with more than a million active users, is today announcing that it has become the first European cryptocurrency exchange to be granted regulatory approval to operate in Canada
The announcement signals a new chapter for digital currencies in the country, and rubber stamps the company’s plans to launch in the North American market in H2 2022.
The licence, awarded by the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) grants Zonda the ability to operate in the country as a Money Services Business (MSB) with immediate effect. It requires the company to fulfil specific obligations to combat money laundering and terrorist activity financing in Canada.
Canadians will be able to trade in more than 60 coins and tokens paired with fiat currencies (EUR, USD, GBP and PLN), stablecoins (USDT and USDC), and BTC and ETH, with the added peace of mind of doing so with a domestically regulated European exchange.
Przemysław Kral, CEO of Zonda, said: “Canada has long been a regulatory pioneer, becoming the first country to pass a national law on digital currencies in 2014, and maintaining an open mind to innovation in the crypto space ever since. It’s this proactive and well-reasoned approach to regulation that makes it the natural next step for Zonda’s global expansion plans, as we bring our services to new markets around the world.
“With every step we take outside Europe, our ambition is the same. To be the leading fully regulated crypto exchange, making it as simple as possible for people to use digital money securely. A new generation of crypto users is gravitating towards regulated platforms, and it’s for this reason that we are working with regulators around the world to transform how deposits, trades and tax flow transparently to, through and from exchanges.”
For Zonda’s million plus existing customers, the Canadian expansion will result in higher liquidity, and, later this year, a greater choice of services, such as a new trading platform and app, and a range of new trading tools for businesses and investors alike.