- Coinbase has identified several countries as future focal points for its operations, citing clearer crypto regulations as the reason.
- Murugesan and Gordon stated that these countries “apply clear rules,” and Coinbase aims to “obtain licenses, register, establish operations, and strengthen” its presence in these countries.
- Coinbase has flagged plans to collaborate with the G20, which aims to establish global crypto standards, and will maintain a “scorecard” that tracks each country’s progress in crypto regulations.
Coinbase, which is the largest cryptocurrency exchange in the United States, criticized the regulatory stance of the US and stated that it will continue to focus on more countries.
Coinbase to Expand to More Countries
In a blog post dated September 6th, Coinbase’s Vice Presidents of International Business and International Policy, Nana Murugesan and Tom Duff Gordon, identified the European Union, the United Kingdom, Canada, Brazil, Singapore, and Australia as “near-term priority markets.”
Murugesan and Gordon stated that these countries “apply clear rules,” and Coinbase aims to “obtain licenses, register, establish operations, and strengthen” its presence in these countries. They added the following:
“Every corner of the world is making progress in crypto-friendly regulations, with the sole exception being the US, which has chosen a ‘strategy’ of enforcing existing rules and new regulations through the courts.”
They argued that the country’s influence on crypto regulations was jeopardizing and also said:
“For decades, we have been committed to modernizing the global financial system and providing more economic freedom and opportunities. Because the US has chosen to enforce existing rules and new regulations through the courts, we will not just sit and wait.”
The crypto exchange faces regulatory action in the US due to a lawsuit filed by the Securities and Exchange Commission (SEC), alleging that it sold unregistered securities and operated illegally.
“Expand Reach, Deepen Access” Moves to Phase Two
Coinbase’s new priority markets are part of the second phase of its expansion plans, called “Expand Reach, Deepen Access.” Together, they outlined plans to establish partnerships with global and local banks and payment providers to expand fiat ramps and ensure governance systems are compliant.
Lobbying and visibility efforts will intensify ahead of the EU elections in June next year. Coinbase indicated plans to collaborate with the G20, aiming to establish global crypto standards, and to maintain a “scorecard” tracking each country’s progress in crypto regulations.
Coinbase seems to be focusing on Brazil, which will take over the G20 presidency in 2024.
In March, Coinbase started offering services in Brazil, and according to the blog post, Coinbase’s co-founder and CEO Brian Armstrong will visit the country later this year and “engage with key decision-makers and stakeholders.”
