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 becoming registered as a Restricted Dealer across Canada and demonstrates our commitment to following the Canadian Securities Administrators’ recently enhanced investor protection guidance for crypto exchanges.
Given the additional work required to obtain a regulatory license, some global exchanges have restricted or stopped offering services to Canadian clients. Kraken, however, is committed to supporting Canada as a 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 clients in their home jurisdiction!
Canada is quickly becoming a major player in the crypto market. According to a recent OSC survey, 38% of Canadians believe that 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 among those who hold crypto assets, 27% trade them at least weekly. This shows that Canadians are increasingly recognizing the value of crypto assets and are actively investing in them. With its strong economy and supportive government regulations, Canada is an attractive market for crypto investors and the country is likely 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 for Canadian clients looking for a secure and reliable trading platform. Over the coming months, Kraken will be making certain changes to services in Canada. We are always aiming to create a great customer experience and will inform our customers before implementing any changes that will impact trading. The PRU will help maintain the integrity of our operations and help all Canadians gain financial freedom through crypto.
By signing this PRU, we are signaling our commitment to Canadian clients as a long term partner. We will continue to dialog with regulators in the space to serve you, our clients, better.