Coinbase has set its sights on several international markets outside the United States, citing their clearer cryptocurrency regulations as a driving factor. In a September 6 blog post, Coinbase’s Vice President of International Business, Nana Murugesan, and Vice President of International Policy, Tom Duff Gordon, identified the European Union, United Kingdom, Canada, Brazil, Singapore, and Australia as “near-term priority markets.”
These countries, according to Coinbase, are actively establishing transparent regulatory frameworks for cryptocurrencies. Coinbase intends to focus on securing licenses, registration, and strengthening its operational presence in these markets.
Despite global efforts to become cryptocurrency hubs, the U.S. has been criticized for its lack of regulatory clarity, with the Securities and Exchange Commission pursuing legal action against Coinbase for alleged illegal operations.
Regulatory Clarity Beyond the U.S.
The Coinbase executives emphasized that regulatory progress is occurring worldwide, except in the U.S., which is taking an enforcement-centric approach. They expressed concern that the U.S. risks losing its influence in the crypto space due to its regulatory stance.
Coinbase is committed to transforming the global financial system and expanding economic freedom, and it won’t wait for U.S. regulatory clarity to do so. This commitment aligns with Coinbase’s second expansion phase, “Go Broad, Go Deep,” which includes partnerships with global and local banks and payment providers to enhance fiat onramps and ensure compliance with governance systems.
Coinbase plans to intensify its lobbying efforts, especially ahead of the EU elections in June. It aims to engage with the G20 to establish global crypto standards and monitor each country’s progress in cryptocurrency regulation. Brazil, set to chair the G20 in 2024, appears to be a focal point for Coinbase’s lobbying efforts, with CEO Brian Armstrong planning to visit the country to engage with key stakeholders.