Coinbase, a leading cryptocurrency exchange, has outlined its strategic focus on several countries outside the United States, citing their more transparent and clearer crypto regulations. In a blog post published on September 6, Coinbase’s vice presidents for international business and international policy, Nana Murugesan and Tom Duff Gordon, identified the European Union, the United Kingdom, Canada, Brazil, Singapore, and Australia as their “near-term priority markets.”
The decision to concentrate efforts in these countries is based on the fact that they are actively enacting well-defined crypto regulations. Coinbase plans to channel its resources into obtaining licenses, completing registrations, and establishing and strengthening its operations within these regions.
In their blog post, Murugesan and Duff Gordon noted that many parts of the world are making significant progress in creating crypto-friendly regulatory frameworks, except for the United States. They expressed concerns about the U.S. adopting a strategy of enforcing existing rules and introducing new regulations through the courts, which they believe sidelines the country in the global conversation about crypto regulations.
Coinbase eyes international expansion
Despite the regulatory challenges it faces in its home country, Coinbase remains committed to its mission of modernizing the global financial system and expanding economic freedom. The company views its international expansion as a means to achieve this goal and maintain its influence in the cryptocurrency space.
Coinbase’s strategy for these priority markets is part of its second expansion phase, referred to as “Go Broad, Go Deep.” This phase involves establishing partnerships with global and local banks and payment providers to enhance fiat on-ramps and ensure compliance with governance systems. Additionally, Coinbase plans to intensify its lobbying and visibility efforts, particularly in the run-up to the European Union elections in June.
The exchange also aims to engage with the Group of Twenty (G20) to advocate for the development of global cryptocurrency standards. Brazil, set to assume the G20 chair in 2024, appears to be a key focus for Coinbase’s G20 lobbying efforts. Coinbase has already expanded its presence in Brazil, and the company’s co-founder and CEO, Brian Armstrong, is scheduled to visit the country later in the year to engage with influential decision-makers and stakeholders.
