Cryptocurrency exchange Coinbase has received a license to operate in Canada.

According to CNBC, the license allows the crypto platform to increase its presence outside the U.S. as it faces a regulatory crackdown in its home market.

Coinbase has received registration in Ontario as a limited dealer under the Canadian Securities Administrators (CSA), the umbrella organization of Canada’s provincial and territorial securities regulators.

“It’s something we’ve been working on for almost three years here in Canada, specifically with the Ontario Securities Commission over the last 12 months.”

Lucas Matheson, Coinbase’s country director for Canada

According to Matheson, registration in Canada makes Coinbase the first international and most significant cryptocurrency exchange registered in Canada, putting the platform in an excellent position to help millions of Canadians access the digital economy.

“We have a strong brand here in Canada as a publicly traded company committed to compliance, and registration more broadly in the world.”

Lucas Matheson, Coinbase’s country director for Canada

Late last year, Coinbase received a license to operate in France. The French stock market regulator (AMF) made the decision to issue a permit to Coinbase. The crypto exchange will now be able to provide virtual asset service provider (VASP) services in France.

In addition, in April 2023, Coinbase received approval from the Bermuda Monetary Authority (BMA) to operate as a regulated entity in the British Island Territory.