After years of operating in a regulatory grey area, two of the world’s biggest crypto-trading platforms took advantage of this week’s Blockchain Futurist Conference in Toronto, held at the waterfront nightclub Rebel, to make it loud and clear that they’re open for business in Canada. 

For years, Delaware-incorporated Coinbase and Kraken continued quietly offering crypto-trading services in Canada in the midst of a regulatory crackdown—much to the frustration of their domestic competitors who had already gone through the process of registering as securities dealers. After signing agreements in March to follow certain rules while pursuing registration, they’re no longer being quiet.

Coinbase announced its official Canadian launch the day before the conference kicked off. Coinbase and Kraken were both first time conference sponsors this year. 

“It’s our first year with this much local focus,” said Kraken managing director for Canada Mark Greenberg from the platform’s branded poolside cabana at Futurist. “This is just part of that big coming-out party for us.”

The atmosphere at Futurist reflected the strange time on crypto’s road to professionalization. Talk of the bear market and the “crypto winter” dominated conversations. 

Wei Xie, the 36-year-old co-founder and COO of ArenaX Labs, which is developing a blockchain-based fighting game in which players use AI to train their characters, echoed an often-repeated sentiment in the crypto world: a bear market is “a great time to build.” “We’re attempting to do something that’s never been done before. And in order to do that, you have to be able to stomach the volatility,” he said. 

Conference attendees who made the trek to Rebel despite the downturn represented a broad spectrum of professions, from a member of Parliament to finance professionals to software developers. Attire ranged from T-shirts to suits, with one consultant who goes by the pseudonym “The Conduit”—and declined to provide his real name to The Logic—wearing a black and white suit, striped top hat and checkered mask covering his entire face and neck. 

Alex McDougall, chief executive of the Toronto-based stablecoin company Stablecorp, said Coinbase and Kraken’s high profile presence at the conference is a sign of Toronto’s importance to the crypto sector. Futurist plays a key role in the Canadian industry, bringing people together who are normally holed up in front of their computers, he said. 

“It’s always such a good vibes conference,” McDougall said. “It always feels like a bit of a reunion. But really important and interesting things get done.”