Coinbase, the prominent US-based cryptocurrency exchange, has disclosed its intention to embark on a second phase of international expansion, targeting key markets such as the EU, UK, Australia, Brazil, Canada, and Singapore.
In a blog announcement, Coinbase outlined its near-term priority of acquiring licenses in these highlighted countries and regions. The decision to focus on these jurisdictions stems from their demonstrated commitment to providing regulatory clarity for the cryptocurrency sector.
A senior executive at Coinbase emphasized that this fresh drive for international expansion aligns with the exchange’s strategy grounded in regulation, innovation, and building user trust. Coinbase cited statistics indicating that 83% of G20 members and leading financial jurisdictions are moving forward with well-defined rules for cryptocurrencies, while the US lags behind in this regard.
This expansion effort constitutes “Phase II” of Coinbase’s “Go Broad, Go Deep” strategy, aiming to diversify its business while staying attuned to evolving regulatory dynamics. The past six months have witnessed remarkable progress in the EU, UK, and other regions in enacting transparent crypto regulations. Coinbase is currently finalizing its decision regarding the location of its MiCA hub within the EU.
Coinbase also revealed plans to track and monitor regulatory progress in each of the selected countries and jurisdictions. The upcoming G20 leadership transition to Brazil in December 2023 is viewed as an opportunity to sustain and influence this positive momentum.
In addition to pursuing regulatory approvals and adhering to compliance measures like the Travel Rule (where applicable), Coinbase intends to expand its product and service offerings, including derivatives. The exchange is also exploring new partnerships with banks and payment providers to enhance accessibility to cryptocurrency on- and off-ramps.
It’s worth noting that in June, the SEC filed a lawsuit against Coinbase, alleging the operation of an unregistered broker. Coinbase has vehemently committed to mounting a strong defense against these allegations.
