The crypto exchange’s focus on non-U.S. markets is part of a next phase in its expansion plans, said the firm.
Coinbase has flagged several countries outside the United States where it intends to focus its operations in the near term, citing their comparatively clearer crypto laws.
In a Sep. 6 blog post, Coinbase’s international business VP, Nana Murugesan and international policy VP, Tom Duff Gordon, marked the European Union, United Kingdom, Canada, Brazil, Singapore and Australia as “near-term priority markets.”
The pair said the countries are “enacting clear rules” and Coinbase would focus on “acquiring licenses, registering, and establishing and strengthening operations” in them.
Globally, countries are vying to become crypto hubs. Regulatory clarity has emerged in the EU, UAE, China (HK), Singapore, Australia and Canada, to name a few.
— Coinbase ️ (@coinbase) September 7, 2023
“Every part of the world is seeing progress on crypto-forward regulation — except for the U.S., which is opting for a ‘strategy’ of enforcement of existing rules and new regulations through the courts,” the pair wrote.
They added the country is “sidelining itself” on crypto regulations which puts at risk 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.
The crypto exchange faces regulatory action in its native U.S. — with a lawsuit from the Securities and Exchange Commission accusing it of selling unregistered securities and operating illegally.
‘Go Broad, Go Deep’ goes phase 2
Coinbase’s new priority markets are part of the second phase of its expansion plans — which it dubbed “Go Broad, Go Deep.”
It outlined its plans to establish partnerships with global and local banks and payment providers to expand its fiat ramps along with assuring its governance systems are compliant.
Its lobbying and visibility efforts will also intensify ahead of the EU elections next June.
It flagged plans to engage with the G20 aiming to create global crypto standards and will keep a “scorecard” on each country’s crypto regulatory progress.
Coinbase is seemingly focusing its G20 lobbying efforts on Brazil — set to take the G20 chair in 2024.
In March, Coinbase expanded its offering in Brazil and according to the blog post co-founder and CEO Brian Armstrong will visit the country later this year “to engage with key decision-makers and stakeholders.”