Crypto Exchange Coinsmart Launches In Canadabr>
Canada-based startup Coinsmart has officially launched its cryptocurrency exchange for Canadian investors.
Coinsmart said the new crypto exchange was built with both the “crypto curious” and experienced investor in mind. The exchange offers an easy-to-use interface, educational resources, and 24/7 live omnichannel support. The Coinsmart exchange will also offer a tax-time reporting tool to help clients determine their taxable income and capital gains. The generated report will account for both currency-to-coin and coin-to-coin transactions.
The trading platform currently supports bitcoin, ethereum, Bitcoin Cash, Litecoin, Dash, Monero, and EOS, with additional altcoins planned for roll-out on an ongoing basis. Customers will be able to purchase these cryptocurrencies directly with Canadian dollar, mitigating the need for a BTC or ETH pairing. The platform will also allow investors to transact between coins not paired with BTC or ETH, giving clients the ability to easily switch from one cryptocurrency to another.
“As a long-standing cryptocurrency investor, I have experienced first-hand how Canadians are under-served by existing exchanges,” said Coinsmart CEO Justin Hartzman. “Platforms are unnecessarily complex, lack personal touch, and do not provide the tools and service support that consumers deserve. We used these issues as our design motivation and trust that Coinsmart fixes all these concerns allowing any investor —first time or not— to truly feel comfortable and secure.”
The announcement of the launch follows the release of an official draft of new regulations on crypto exchanges and payment processor in Canada. Under the draft regulations, crypto exchanges and payment processors will be considered as money service businesses (MSB) and will be required to report large transactions over $10,000 CAD ($7,700 USD). Exchanges will also be required to setup a new know your customer (KYC) threshold at transactions of $1,000 CAD ($770 USD). The draft also contains a cost-benefit analysis, which reveals the regulations would cost about $61 CAD million ($47M USD) over the next ten years.