Canada’s largest cryptocurrency exchange is set to launch a new crypto store and online store.
The new Crypto-store and Online Store (COSCO) is set for opening in mid-April, according to COSCO founder, James R. Hines, who is a partner at the law firm of Covington & Burling.
He told the Calgary Eyeopener that COSco plans to open an online store, which will include a store in Calgary and a physical store in Toronto.
“We have been in discussions with the [Canadian] government and the provinces about what’s going to happen with digital currency, which we are very passionate about,” said Hines.
“We feel the Canadian government is at a tipping point in the technology space.
We feel like this is a perfect time to start this.”
Hines is referring to a decision by the federal government to phase out the Canadian dollar, and to introduce a more-federal model for digital currencies like bitcoin, which he believes could eventually become a big part of the economy.
“The federal government has a mandate to regulate the Canadian currency, and bitcoin has a similar mandate,” he said.
“Bitcoin is going to become a major component of our economy.
It’s going, I believe, to be a major contributor to the GDP.””
We want to be able to have the ability to trade and exchange the value of bitcoins,” said Ritchie Bannister, the president of the Bitcoin Association of Canada, which is based in Toronto and has been working on its own bitcoin exchange.
“That will be very useful to us as an industry, for the retail sector and for the government.”
Bannister said he hopes to have a virtual exchange open by early next year in Calgary, and expects to be in Toronto by mid-May.
The Bitcoin Association has been advocating for more regulation of the cryptocurrency market, and has said it wants the federal and provincial governments to regulate digital currencies more tightly.
In a report released last month, it said the Canadian regulator could charge bitcoin businesses up to $50,000 per day to comply with the new rules.
“If the bitcoin market grows too fast, the risk of a large, disruptive bubble will be too great,” the report said.
“For this reason, I am confident that the government will ultimately adopt tighter regulations on digital currencies and their exchanges.”
“Canada’s financial regulator, the Financial Transactions and Reports Analysis Centre (FINTRAC), will continue to work with the bitcoin industry and stakeholders to help the country’s financial regulators understand the new landscape and ensure that digital currencies are properly regulated.”
Canada’s Finance Minister, Bill Morneau, has been pushing for a more robust digital currency regulation system, and COSCo is one of many Bitcoin-focused companies working to help Canada navigate that.
Hatescale, which owns and operates the largest online cryptocurrency exchange in Canada, said in a statement that it is “committed to protecting our customers from any potential risks related to bitcoin.”
“As an established company that supports digital currency markets, we are working to develop a digital currency trading platform that we can share with other exchanges in Canada,” said the statement.
“Our trading platform will allow users to trade their digital currency assets directly with their Canadian trading partners.”
Hatescale CEO, Mark G. Williams, also said in the statement that the company will launch its own cryptocurrency exchange, which would give its customers the ability “to directly trade digital currencies directly with other Canadian bitcoin companies.”
“Our customers will have access to their own trading platform,” Williams added.
“While our trading platform is an extension of our existing exchange, we will continue offering bitcoin as a medium of exchange on our platform.”
“The ability to exchange your bitcoin directly with your Canadian trading partner, and the ability for your Canadian customers to directly trade with their trading partners, will make for a seamless and seamless trading environment for our customers,” said Williams.