Canada is now a popular country for cryptocurrency activity. There is a growing interest in setting up mining operations and a competition among trading platforms such as CoinField.
A lot of Canadian Bitcoin enthusiasts rely on OTC trading. Volume on LocalBitcoins Canada has spiked in recent weeks because of a growing demand for exposure to cryptocurrency volatility.
The future direction of Coinfield, less-known exchange in Canada, is to attract new customers and bolster its overall trading volume.
According to a press release, the firm will add ten additional currencies throughout 2018. As of now, these currencies are still confidential and will be made to public next month.
“We are fully aware which coins are the most desirable [for the] Canadian crypto community and our team [is working] around the clock to bring these new coins [to] Canada for the first time. However, in order to stay compliant with the regulations, before we list any additions to our expansive portfolio, we have to analyze and evaluate the coins to make sure the ones we are listing are ‘commodities’ as we do not list any ‘securities’ on our platform.”
That seems to indicate most ICO tokens are completely out of the question for the time being. Given the regulatory scrutiny that ICO tokens are facing all over the world, it only makes sense that most trading platforms want to avoid legal repercussions. CoinField also maintains very strict AML and KYC procedures in an effort to become the top exchange in Canada.