Coinbase Shifts Priority to the EU, Canada, and Other Regions
- Coinbase has shifted its focus outside the US and named non-US countries as its target for phase 2 plans.
- Vice presidents Nana Murugesan and Tom Duff Gordon unveiled the crypto exchange’s phase 2 plans.
- The European Union, United Kingdom, Canada, Brazil, Singapore, and Australia are the firm’s “near-term priority markets.”
- The firm will work towards “acquiring licenses, registering, and establishing and strengthening operations” in these countries.
The largest crypto exchange in the United States, Coinbase, has decided to shift its focus to other markets outside the US and named non-US countries as its next target. Being one of the earliest crypto trading platforms in the country, the exchange seems to have given up on trying to spearhead pro-crypto laws in the country.
As per a blog post published by Coinbase on September 7, the vice presidents at Coinbase for international business and international policy, Nana Murugesan and Tom Duff Gordon, have revealed the firm’s plans to expand operations outside the US in its next phase of expansion. Additionally, it was revealed that the European Union, United Kingdom, Canada, Brazil, Singapore, and Australia are the firm’s “near-term priority markets.”
Phase 2 of the expansion plans of the crypto exchange will involve the implementation of “acquiring licenses, registering, and establishing and strengthening operations” in these countries. The vice presidents noted that these countries are “enacting clear rules.”
“Today, 83% of G20 members and major financial hubs have made progress toward regulatory clarity for crypto. The result is an emerging global framework for updating the financial system in ways that increase economic freedom and opportunity,” said Coinbase in the blog post.
G20 members like India have called for global cooperation in implementing a regulatory framework for crypto regulation. In the blog post, the firm noted that the firm is committed to helping to update the global financial system and providing more economic freedom and opportunity and won’t stand idle just because the US is.” The Coinbase executives added that their firm is “sidelining itself” on crypto regulations.
The second phase of its expansion plans has been dubbed “Go Broad, Go Deep.” Moreover, the firm’s lobbying and visibility efforts will also become more intense ahead of the EU elections next June.
As reported earlier by BitcoinWisdom, the leading crypto exchange recently kicked off a new NFT campaign called “Stand With Crypto,” which promotes pro-crypto laws in the US.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
