Coinbase is continuing its global expansion in the crypto industry with Phase II of its “Go Broad, Go Deep” strategy. The company believes that clear regulations, innovative products, and user trust are key to its long-term growth.
Coinbase highlights that momentum is growing for the regulated use of cryptocurrencies, with countries competing to become crypto hubs. In fact, Coinbase notes that 83% of G20 members and major financial centers have made progress towards regulatory clarity for crypto.
Europe is leading the way in regulatory clarity. The European Union adopted its Markets in Crypto-Assets (MiCA) regulation in April 2023, bringing regulatory clarity to all 27 EU countries. Coinbase has already secured licenses and registrations in Italy, the Netherlands, Germany, and Ireland. Europe now boasts two-thirds of the world’s blockchain jobs.
Coinbase is actively working with governments to keep pace with the adoption of crypto. The company plans to acquire licenses and establish operations in markets with clear rules, such as Europe, Canada, Brazil, Singapore, and Australia. It also aims to expand its products and services globally with the support of forward-looking regulators.
Additionally, Coinbase is seeking partnerships with banks, payment providers, strategic players, and start-up ecosystems to enhance its on- and off-ramps. The company is also focused on ensuring compliance in every country it operates in and engaging the community through events and thought leadership.
Coinbase is actively involved in working with G20 members and major financial hubs to create global standards for the crypto industry. It plans to maintain momentum and engagement with the G20 agenda, especially as Brazil takes over the G20 chair.
Coinbase emphasizes the progress being made globally in adopting clear rules for cryptocurrencies. The EU’s MiCA regulation, the UK’s forthcoming framework, and regulatory developments in countries like the UAE, Australia, Canada, Hong Kong, and Japan indicate a growing trend of regulatory support for the crypto industry.
However, Coinbase expresses concern about the US lagging behind in regulatory progress. While many other countries are embracing crypto, the US is opting for enforcement of existing rules and new regulations through the courts. Coinbase warns that the US risks losing influence over the future of the financial system and losing out on developer jobs and blockchain opportunities.
Despite these challenges, Coinbase remains committed to updating the global financial system and providing economic freedom and opportunity. The company has already executed on its three-part formula for growth by working closely with regulators, expanding its product offerings, and building user trust through innovative services.
Moving forward, Coinbase will continue to focus on acquiring licenses, registering in new markets, and establishing partnerships worldwide. The company will also closely monitor regulatory progress and work towards creating global standards in the crypto industry.
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