Coinbase plans major expansion in countries with “clear crypto rules”
- Coinbase targets expansion across the EU, UK, Brazil and Singapore among other jurisdictions with clear regulatory trajectory.
- The exchange also has plans for major partnerships with banking providers and seeks to expand its products and services, including derivatives.
Coinbase, the leading US-based cryptocurrency exchange, has announced plans for its second phase international expansion, with targeted markets including the EU, UK, Australia, Brazil, Canada and Singapore.
The crypto company said in a blog announcement that the near-term priority is to acquire licenses in the highlighted countries and regions, with these jurisdictions said to have shown increased regulatory clarity for the crypto sector.
Coinbase targets countries with a clear regulatory path
According to a senior Coinbase exec, the fresh push for international expansion is part of the exchange’s plans to operationalize a strategy based on regulation, innovation and user trust. The exchange says 83% of G20 members and top tier financial jurisdictions are moving forward with clear rules for crypto, while the US lags behind.
Today, 83% of G20 members and major financial hubs have made progress toward regulatory clarity for crypto. But the US is an outlier.
A picture paints a thousand words. https://t.co/DpxoKFr4yV pic.twitter.com/KvQ4q0zlsn
— Coinbase 🛡️ (@coinbase) September 7, 2023
“We see the enactment of clear rules; innovation of more efficient, more accessible products and services; and user trust created through these products and services as our formula for long-term growth,” said Nana Murugesan, VP of International and Business Development at Coinbase.
The steps make up “Phase II” of the Nasdaq-listed company’s “Go Broad, Go Deep” strategy that seeks to diversify business even as the exchange keeps pace with developments in the regulatory landscape. This builds on the success seen in the past six months, a timeline that had the EU, UK and the others show remarkable pace in enacting clear crypto rules. Coinbase is indeed finalizing its selection of where to locate its MiCA hub within the EU.
“We will start keeping a scorecard on the regulatory progress with crypto in each of these countries and jurisdictions. Brazil taking the G20 chair in December 2023 presents a significant opportunity to maintain and help direct this momentum,” the crypto exchange behemoth noted.
As well as seeking regulatory approval and instituting compliance with the Travel Rule (where applicable), the exchange will expand its products and services, including derivatives. Other developments include striking of new partnerships with banks and payment providers to help expand access to on- and off-ramps.
The US Securities and Exchange Commission (SEC) sued Coinbase in June, alleging that the company was operating an unregistered broker. The company has vowed to aggressively defend itself against the SEC.