Coinbase Identifies Key International Markets for Expansion Due to Clearer Crypto Regulations
In a blog post dated September 6, Coinbase’s Vice President of International Business, Nana Murugesan, and Vice President of International Policy, Tom Duff Gordon, have outlined their near-term priorities for international expansion. They have pinpointed the European Union, the United Kingdom, Canada, Brazil, Singapore, and Australia as markets with well-defined cryptocurrency regulations. Coinbase plans to concentrate its efforts on obtaining licenses, registering, and bolstering its operations in these countries.
“While crypto-friendly regulations are advancing worldwide, the United States has chosen a strategy primarily centered around enforcing existing rules and introducing new regulations through legal action,” noted the duo.
They further highlighted that the United States is potentially diminishing its role in shaping crypto regulations globally by not actively participating.
“We remain dedicated to modernizing the global financial landscape and expanding economic opportunities, and we won’t remain passive simply because the U.S. is taking a different approach,” they emphasized.
Coinbase, based in the U.S., is concurrently grappling with regulatory challenges in its home country, including a lawsuit filed by the Securities and Exchange Commission alleging the sale of unregistered securities and illegal operations.
“Phase 2 of ‘Go Broad, Go Deep’ Initiative Launches”
Coinbase’s Focus on New Priority Markets Marks Phase 2 of “Go Broad, Go Deep” Strategy
In this phase, Coinbase has detailed its strategy, including forming partnerships with both international and local banks and payment service providers to enhance its fiat onramps and ensuring the compliance of its governance systems.
Coinbase to Amplify Lobbying and Visibility Initiatives in Preparation for Upcoming EU Elections
The company has indicated its intention to actively engage with the G20 to foster the development of global cryptocurrency standards and maintain a comprehensive assessment of each nation’s progress in crypto regulation.
Coinbase appears to be particularly concentrating its lobbying endeavors within the G20 on Brazil, as the country is slated to assume the G20 chairmanship in 2024.
In March, Coinbase expanded its services in Brazil, and as per the blog post, co-founder and CEO Brian Armstrong is scheduled to visit the country later this year for discussions with key decision-makers and stakeholders.