Coinbase, one of the leading cryptocurrency exchanges, has identified several countries outside the United States as its primary focus for expansion due to their more transparent and accommodating cryptocurrency regulations. The announcement was made in a blog post on September 6 by Coinbase’s Vice Presidents for International Business and International Policy, Nana Murugesan and Tom Duff Gordon. These countries have been labeled as “near-term priority markets” by the company.
The highlighted countries include the European Union, United Kingdom, Canada, Brazil, Singapore, and Australia. Coinbase sees these regions as enacting clearer and more comprehensive rules surrounding cryptocurrencies. As a result, Coinbase plans to dedicate its efforts to obtaining licenses, registering its services, and strengthening its operations within these markets.
In the blog post, Murugesan and Duff Gordon expressed concern about the United States’ approach to cryptocurrency regulation. They noted that while most parts of the world are making progress in adopting crypto-friendly regulations, the U.S. appears to be focusing on enforcing existing rules and introducing new regulations through the legal system. Coinbase believes that this approach could risk the United States’ influence in the rapidly evolving cryptocurrency space.
“We’re committed to helping update the global financial system and providing more economic freedom and opportunity, and won’t stand idle just because the U.S. is,” the Coinbase executives wrote.
Coinbase’s expansion plans fall under the second phase of its strategy, aptly named “Go Broad, Go Deep.” The company aims to establish partnerships with both global and local banks and payment providers to enhance its fiat on-ramps while ensuring compliance with governance systems.
Additionally, Coinbase intends to ramp up its lobbying and visibility efforts, especially with the upcoming European Union elections in June. The company has also expressed its desire to engage with the G20 to establish global standards for cryptocurrencies. To monitor the progress of various countries in adopting crypto regulations, Coinbase plans to maintain a “scorecard” tracking their regulatory advancements.
Notably, Coinbase’s lobbying efforts within the G20 appear to be concentrated on Brazil, which is set to assume the G20 chairmanship in 2024. Earlier this year, Coinbase expanded its services in Brazil, and the company’s Co-founder and CEO, Brian Armstrong, is scheduled to visit the country later this year to engage with key decision-makers and stakeholders.
As Coinbase continues to navigate regulatory challenges in its home country, it is strategically positioning itself to thrive in international markets where clearer cryptocurrency regulations offer more growth opportunities and regulatory certainty.
