Experts: Canada at Crypto Crossroads as Opportunity Meets Adoption Challenges

Crypto moment for Canada?

“When you think of the opportunity for Canadians to embrace digital assets, 80 percent of wealth in Canada is managed by professional money managers and investment advisors,’ he explained.

‘If we want to create economic growth in Canada, I think crypto assets and digital assets can help drive more efficiencies for Canadians in everyday payments, from lowering costs for banking fees, increasing revenue from businesses that are accepting cryptocurrencies or stablecoins as payments and minimizing fees within the system,” he continued, adding that digital assets and blockchain technology can create cost savings for businesses and governments alike.

“Ultimately, I think Canadians want to see our government spend less, and to do that, we need technology … like artificial intelligence (AI) and crypto, to help us stay competitive with the rest of the world.”

However, regulatory hurdles must be overcome before true mainstream adoption can take hold. Consensus panelists identified Canada’s regulatory environment as a key element that is creating delays.

“I know that (in) Canada, if we have the will, we could make it happen,” Djuric told the audience. “But for some reason, we’ve been very slow. And in fact, we’re treating these assets as securities.”

While regulation remains a sticking point, the panelists also pointed to deeper structural issues.

“I also think there’s just a significant gap in the quality of financial infrastructure that we have here in Canada, and a huge opportunity for us to leverage technology like crypto to actually provide more efficient mechanisms for Canadians to move money around, but also to store, preserve and invest their wealth,’ noted Djuric.

A generational shift is also fueling adoption from the bottom up.

Djuric noted that while many Gen Zs are engaging with cryptocurrency platforms, far fewer understand traditional credit, a sign that young users are entering finance through digital assets first.

Stablecoins in particular can serve as a foundational component of that shift by improving settlement times, lowering costs and supporting entirely new financial use cases. While stablecoins have exploded in popularity in the US, adoption rates for a Canadian dollar-backed stablecoin have been slower.

Leading up to the event, Matheson announced a C$2.5 million deal between Coinbase’s venture capital arm, Coinbase Ventures, and Stablecorp, the issuer of QCAD, which is backed by the Canadian dollar. The partnership’s goal is to enhance features and structure to grow QCAD and further integrate it into the global digital asset ecosystem.

Looking at the broader regulatory landscape for digital assets, Matheson pointed to yield-bearing stablecoins and access to instruments like derivatives and perpetual futures as key components of a competitive ecosystem.

“Millions around the world are earning 4 to 4.5 percent on USDC today — Canadians aren’t allowed to,” the expert noted, emphasizing that tools like leverage and futures aren’t just speculative products, but are essential for portfolio diversification and modern risk management. “And so the opportunity for us is to really think about how to introduce these products safely and compliantly here in Canada.”

Canada’s energy advantage

Despite growing interest, Bitcoin adoption in Canada remains limited. Panelists noted that Canadians still can’t hold Bitcoin in registered accounts, and major financial institutions offer little direct support.

The regulatory gap, combined with a lack of retail incentives, has kept mainstream adoption rates depressed.

As the US continues to back its crypto sector, speakers at Consensus emphasized that Canada must find its own voice and actively promote the innovations and companies shaping its digital future.

“Hash rate, which is produced from data centers for AI and mining, could be one of the future large commodities in the world,” he said, citing a projected C$100 billion in potential investment in the province.

“Canada has a really unique advantage and an opportunity to build a thriving ecosystem of data centers (here) … we can use our clean energy in Canada to power crypto around the world,’ he said.

“(Alberta Premier Danielle Smith’s staff) are some of the most educated … in the government that I’ve had the privilege of meeting with, because they understand the opportunity for their province to capitalize on the opportunity they have to monetize energy in the province,’ Matheson noted.

“It’s just an incredible opportunity that’s timely, and Canada needs economic drivers right now to build our economy. And I think it’s a great opportunity for Alberta and other provinces to explore accelerating the regulatory red tape to get permits and energy and land to build data centers that can power global demand.”

Investor takeaway

Matheson’s optimism was shared with the other panelists, who believe Canada has both the potential and the necessary resources to become a leader in the digital asset space. Separately, Matheson said he is excited to work with Prime Minister Mark Carney’s cabinet, citing his deep knowledge of monetary and fiscal policy.

“We expect that his team will have the opportunity to learn about what governments all over the world are doing to embrace this technology and to define strategic priorities at the federal level,’ he said.

“I think now’s a great time for our new government and a new mandate to embrace technology to drive economic growth in Canada, and we expect crypto to be a part of that plan.”

With the right framework and utilization of its unique resources, industry members agree that Canada is poised to significantly bolster its economy through cryptocurrency and digital assets.