Coinbase has identified several countries with comparatively clearer crypto regulations where it plans to focus its operations in the near term. In a blog post on September 6, Coinbase’s vice presidents for international business and international policy, Nana Murugesan and Tom Duff Gordon, highlighted the European Union, United Kingdom, Canada, Brazil, Singapore, and Australia as “near-term priority markets.”
The executives noted that these countries are “enacting clear rules,” and Coinbase will concentrate on “acquiring licenses, registering, and establishing and strengthening operations” in these regions. They pointed out that every part of the world is progressing on crypto-forward regulation, except for the U.S., which is opting for a “strategy” of enforcing existing rules and new regulations through the courts. This approach, they argued, is sidelining the U.S. on crypto regulations and jeopardizing its influence over the space. “We’re committed to helping to update the global financial system and providing more economic freedom and opportunity, and won’t stand idle just because the U.S. is,” they wrote.
Coinbase is currently facing regulatory action in the U.S., with the Securities and Exchange Commission accusing it of selling unregistered securities and operating illegally.
The new priority markets are part of the second phase of Coinbase’s expansion plans, called “Go Broad, Go Deep.” The plan involves establishing partnerships with global and local banks and payment providers to expand fiat ramps and ensuring compliance with governance systems. Additionally, Coinbase will intensify its lobbying and visibility efforts ahead of the EU elections in June.
The company also plans to engage with the G20 to create global crypto standards and will maintain a “scorecard” on each country’s crypto regulatory progress. Coinbase is particularly focusing its G20 lobbying efforts on Brazil, which will assume the G20 chair in 2024. In March, Coinbase expanded its offering in Brazil, and CEO Brian Armstrong is planning to visit the country later this year to engage with key decision-makers and stakeholders.
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