Coinbase Announces Focus on Non-U.S. Markets for Expansion
Coinbase reveals its plans to focus on non-U.S. markets, including the European Union, United Kingdom, Canada, Brazil, Singapore, and Australia, for its expansion efforts due to their clearer crypto laws and regulations. The exchange aims to acquire licenses, register, and strengthen operations in these markets, while intensifying lobbying and visibility efforts and engaging with the G20 to advocate for global crypto standards.
Posted 10 months ago in Blockchain
Coinbase, the leading cryptocurrency exchange, has revealed its plans to prioritize several countries outside the United States for its expansion efforts. In a recent blog post, Coinbase’s vice presidents for international business and international policy, Nana Murugesan and Tom Duff Gordon, identified the European Union, United Kingdom, Canada, Brazil, Singapore, and Australia as their 'near-term priority markets' due to their favorable crypto regulations.
The pair emphasized that these countries are enacting clear rules and regulations for the crypto industry, leading Coinbase to focus on acquiring licenses, registering, and strengthening its operations in these markets.
While many countries around the world are moving towards crypto-forward regulation, the United States has been lagging behind. Coinbase expressed its disappointment with the U.S.'s approach, stating that the country is choosing to enforce existing rules and create new regulations through the courts, rather than providing regulatory clarity and fostering innovation.
Despite regulatory challenges in its home country, Coinbase remains committed to its global expansion plans. The exchange is currently facing legal action from the Securities and Exchange Commission (SEC) over allegations of selling unregistered securities and operating unlawfully.
As part of its expansion strategy, Coinbase aims to establish partnerships with global and local banks and payment providers. This will not only expand its fiat ramps but is also intended to ensure compliance with governance systems.
In addition, Coinbase plans to intensify its lobbying and visibility efforts, particularly ahead of the upcoming European Union elections in June. The exchange intends to engage with the G20 to advocate for global crypto standards and will monitor and evaluate each country's progress in crypto regulation.
Notably, Coinbase is focusing its G20 lobbying efforts on Brazil, which is set to assume the G20 chair in 2024. The exchange expanded its services in Brazil earlier this year and plans for co-founder and CEO Brian Armstrong to visit the country to engage with key decision-makers and stakeholders later in the year.
This move by Coinbase marks the second phase of its expansion plans, referred to as 'Go Broad, Go Deep.' The exchange also encourages supporters of independent journalism in the crypto space to collect this article as an NFT (Non-Fungible Token) to preserve this moment in history.
Last updated 9/9/2023, 3:56:35 AM
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