Coinbase Considering expanding primarily to the European Union, Canada, Brazil, Singapore, and Australia

Coinbase considering expansion to EU, Canada, Brazil, Singapore, and Australia.

Author: Jesse Coghlan, Cointelegraph; Translation: Song Xue, LianGuai

Coinbase has identified several countries outside of the United States where it plans to focus its business in the short term, citing clearer cryptocurrency laws in these countries.

In a blog post on September 6th, Coinbase’s Vice Presidents of International Business and International Policy, Nana Murugesan and Tom Duff Gordon, identified the European Union, the United Kingdom, Canada, Brazil, Singapore, and Australia as “near-term priority markets.”

They stated that these countries are “developing clear rules” and Coinbase will focus on “obtaining licenses, registering, establishing, and strengthening its business” in these countries.

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“Progress has been made worldwide in terms of cryptocurrency regulation, except in the United States, which has chosen a ‘strategic’ approach of enforcing existing rules and new regulations through the courts,” the two wrote.

They added that the country has taken a backseat in cryptocurrency regulation, putting its influence in the field at risk.

“We are committed to helping update the global financial system, providing more economic freedom and opportunities, and we will not stand idly by because of the United States,” they wrote.

The cryptocurrency exchange is facing regulatory action in its home country, as the U.S. Securities and Exchange Commission has filed a lawsuit accusing it of selling unregistered securities and operating illegally.

“Going broad, going deep,” entering the second phase

Coinbase’s new priority markets are part of its second phase of expansion, called “Going broad, going deep.”

It outlines plans to partner with global and local banks and payment providers to expand its fiat business while ensuring compliance with its governance system.

Its lobbying and visibility efforts will also be strengthened ahead of the European Union elections next June.

It proposes a plan to collaborate with the G20 to develop global cryptocurrency standards and will maintain a “scorecard” for the progress of cryptocurrency regulation in each country.

Coinbase appears to be focusing its G20 lobbying efforts on Brazil, which will assume the G20 presidency in 2024.

In March of this year, Coinbase expanded its operations in Brazil, and according to the blog post, Co-founder and CEO Brian Armstrong will visit the country later this year to “engage with key decision-makers and stakeholders.”

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