Coinbase Targets Priority Markets with Clear Crypto Laws, Expresses Concerns over US Regulation Approach
Summary:
Coinbase flags several countries for future operations due to clear crypto laws, including EU, UK, Canada, Brazil, Singapore, and Australia, while expressing concerns over the US's crypto regulation approach. Coinbase plans to acquire licenses and strengthen operations in these priority markets as part of its expansion strategy. The company also aims to establish partnerships with banks, ensure compliance, intensify lobbying efforts, and engage with the G20 to set global cryptocurrency standards.
Coinbase has identified several countries outside the United States where it plans to concentrate its operations in the near future due to their clear cryptocurrency regulations. In a blog post on September 6, Coinbase's international business VP, Nana Murugesan, and international policy VP, Tom Duff Gordon, named the European Union, United Kingdom, Canada, Brazil, Singapore, and Australia as their "near-term priority markets." The company intends to obtain licenses, register, and strengthen its operations in these countries, all of which have established transparent rules for the crypto industry. However, they noted that progress on crypto-focused regulations is being made worldwide, except in the United States, where the approach is more focused on enforcing existing rules and developing new regulations through the courts. This strategy, according to Coinbase, is causing the country to lag behind in terms of crypto regulation and risks diminishing its influence in the industry. Despite the challenges faced in the US, Coinbase remains committed to advancing the global financial system and providing economic freedom and opportunities. The latest expansion plans, known as the "Go Broad, Go Deep" phase, involve partnering with global and local banks and payment providers to expand its fiat ramps and ensure compliance with governance systems. Coinbase also intends to increase its lobbying efforts, particularly in preparation for the upcoming EU elections in June, and engage with the G20 to establish global cryptocurrency standards. Furthermore, the company will closely monitor the regulatory progress of each country on its "scorecard." Notably, Coinbase is focusing its G20 lobbying efforts on Brazil, as the country is set to assume the G20 chairmanship in 2024. To strengthen its presence in Brazil, Coinbase expanded its offering in March and plans for co-founder and CEO Brian Armstrong to visit the country later this year for engagement with key decision-makers and stakeholders.
Published At
9/8/2023 1:15:21 AM
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