Coinbase Identifies EU, Canada, Brazil, Singapore, and Australia as Key Focus Markets

Coinbase, the prominent cryptocurrency exchange, has unveiled its strategic approach to international expansion, pinpointing key priority markets outside the United States. This decision stems from their observation of more transparent and defined crypto regulations in select countries.

In a recent blog post published on September 6, Nana Murugesan, Coinbase’s Vice President for International Business, and Tom Duff Gordon, Vice President for International Policy, outlined their strategy. They identified the European Union, United Kingdom, Canada, Brazil, Singapore, and Australia as their “near-term priority markets.” The duo emphasized that these countries are actively implementing clear regulatory frameworks, prompting Coinbase to concentrate on obtaining necessary licenses, registration, and the establishment and fortification of operations within these regions.

While global progress in crypto-friendly regulations is evident, the blog post criticized the United States for opting to pursue a strategy of enforcing existing rules and introducing new regulations through legal channels. Coinbase expressed concern that this approach risks sidelining the U.S. in shaping the future of crypto regulations and its influence within the industry.

Asserting their commitment to advancing the global financial system and expanding economic freedom, Coinbase stated that they won’t remain passive, even if the U.S. takes a different regulatory path.

Coinbase is currently facing regulatory challenges in the U.S., including a lawsuit from the Securities and Exchange Commission (SEC), which alleges the sale of unregistered securities and illegal operations.

“Go Broad, Go Deep”: Phase 2 Expansion

Coinbase’s focus on these new priority markets marks the second phase of its expansion plan, aptly named “Go Broad, Go Deep.” The plan outlines objectives such as forming partnerships with international and local banks and payment service providers to enhance fiat onramps and ensuring compliance with governance systems.

Coinbase also intends to step up its lobbying efforts, particularly in the lead-up to the European Union elections scheduled for the following June. Their goal is to engage with the G20 to establish global standards for cryptocurrencies and monitor the regulatory progress of individual countries through a “scorecard” system.

Of particular note is Coinbase’s concentrated lobbying efforts towards Brazil, which is slated to assume the G20 chairmanship in 2024. This aligns with their expansion efforts in Brazil earlier this year, as mentioned in the blog post. Brian Armstrong, the co-founder and CEO of Coinbase, is expected to visit Brazil later in the year to engage with key decision-makers and stakeholders, further underscoring their commitment to international expansion and advocacy in evolving crypto landscapes.

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