Coinbase marks Brazil, Canada, Australia, Singapore, and the European Union as the firm's "near-term priority markets."
Coinbase, a leading cryptocurrency exchange, is plotting its next moves in an international expansion strategy. Citing favorable regulatory climates, the company has set its sights on five regions.
Coinbase has recently made it known that it's prioritizing business development in the European Union, Canada, Brazil, Singapore, and Australia. These regions will serve as a strategic focus for Coinbase, which is currently navigating a litigious environment in the United States.
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A blog post released on September 7th by the firm’s Vice Presidents for International Business and International Policy, Nana Murugesan and Tom Duff Gordon, named the regions as "near-term priority markets."
The executives shared that the chosen countries have progressive cryptocurrency regulations, making it easier for Coinbase to concentrate on establishing operations, obtaining licenses, and strengthening its local presence.
Contrastingly, Murugesan and Gordon criticized the regulatory approach in the United States, stating that it is falling behind other nations in terms of cryptocurrency-friendly regulations. They wrote:
Every part of the world is seeing progress on crypto-forward regulation — except for the US, which is opting for a "strategy" of enforcement of existing rules and new regulations through the courts.
The international expansion is part of Coinbase's "Go Broad, Go Deep" strategy. As part of these plans, Coinbase aims to collaborate with global and local banks as well as payment providers to ease fiat currency transactions. The company is also putting significant effort into ensuring its governance systems meet compliance standards.
Coinbase aims to engage actively with the G20 countries and is particularly interested in Brazil, which will take on the G20 chairmanship in 2024. It is worth noting that Coinbase has already broadened its services in Brazil and intends to continue its efforts in this market.
As Coinbase faces legal challenges in its home country, the United States, the crypto exchange proactively seeks expansion in countries with clear cryptocurrency regulations. The "Go Broad, Go Deep" initiative reflects the company's commitment to growing its international footprint while promoting economic freedom and opportunity in the financial system.
