Bermuda

United

<![CDATA[<figure class="image"><img src="https://cimg.co/news/124521/328920/adobestock-449548306-edit.jpg" srcset="https://cimg.co/news/124521/328920/responsive-images/adobestock-449548306-edit___media_library_original_1200_807.jpg 1200w, https://cimg.co/news/124521/328920/responsive-images/adobestock-449548306-edit___media_library_original_900_605.jpg 900w, https://cimg.co/news/124521/328920/responsive-images/adobestock-449548306-edit___media_library_original_720_484.jpg 720w, https://cimg.co/news/124521/328920/responsive-images/adobestock-449548306-edit___media_library_original_600_404.jpg 600w, https://cimg.co/news/124521/328920/responsive-images/adobestock-449548306-edit___media_library_original_300_202.jpg 300w" width="1200" class="content-img" alt=""><figcaption>Source: Adobe / Rafael Henrique</figcaption></figure>Digital asset exchange Coinbase sets out plans for a global expansion flagging jurisdictions outside the United States as &ldquo;near-term priority markets.&rdquo;In a recent <a href="https://www.coinbase.com/blog/announcing-phase-ii-of-our-international-expansion-strategy-83-of-major-hubs">blog post</a>, the company highlighted several challenges in the US markets citing bottleneck regulations leading to an exodus of both investors and creators.<figure class="media"><oembed url="https://twitter.com/coinbase/status/1699880964342907115?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg"></oembed></figure>Nana Murugesan and Tom Duff Gordon, Coinbase&rsquo;s vice presidents for international business and international policy, noted that the expansion plans will target Canada, the United Kingdom, Australia, Brazil, Singapore, and the European Union.&nbsp;Going further, the executives noted that these countries are currently edging toward clear rules on digital assets while the United States continues to miss out.&nbsp;<blockquote>&ldquo;Every part of the world is seeing progress on crypto-forward regulation except for the U.S., which is opting for a &lsquo;strategy&rsquo; of enforcement of existing rules and new regulations through the courts.&rdquo;&nbsp;</blockquote>In its expansion plans termed&nbsp; &ldquo;Go broad, Go deep,&rdquo; the exchange highlighted the next step to drive products in other markets. The firm would focus on licenses, registrations, and flagging off new operations in the above-mentioned jurisdictions.The duo also added that they were in the final stages of selecting a MiCA hub in Europe following an established regulatory framework in the continent.<h2 id="go-broad-go-deep-coinbase-keen-on-new-markets">&ldquo;Go broad, Go Deep&rdquo;- Coinbase keen on new markets&nbsp;</h2>Per the blog post, the exchange is set to expand its &ldquo;Go Broad&rdquo; products with &ldquo;forward-thinking regulators.&rdquo; The products include the International Exchange launched under the supervision of the Bermuda Monetary Authority and Coinbase Wallet which aims to make web3 safer and more versatile globally.<figure class="media"><oembed url="https://twitter.com/cryptonews/status/1633782919691943939?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg"></oembed></figure>They further disclosed plans for a working partnership with banks and payment service providers to expand and integrate more systems making transactions hassle-free as well as its derivatives market.&nbsp;The expansion plan efforts entail steps to become compliant with the laws of every country including local events for community development.&nbsp;&ldquo;We&rsquo;re committed to helping to update the global financial system and providing more economic freedom and opportunity, and won&rsquo;t stand idle just because the U.S. is.&rdquo;&nbsp;<h2 id="regulation-american-nightmare-eus-blessing">Regulation: American nightmare, EU&rsquo;s blessing&nbsp;</h2>The Securities and Exchange Commission (SEC) alongside the Commodity Futures Trading Commission (CFTC) has filed several cases against digital asset firms leading to many terming US regulators as &ldquo;hostile&rdquo; in their approach towards digital assets.This year, the <a href="https://cryptonews.com/news/breaking-coinbase-sued-by-sec-just-day-after-binance-lawsuit-which-firm-next.htm">SEC instituted lawsuits</a> against Coinbase and Binance for allegedly offering unregistered securities, a claim that the exchange refutes.&nbsp;The ongoing regulatory debacle has resulted in Brian Armstrong, Coinbase CEO noting that the firm could <a href="https://cryptonews.com/news/coinbase-ceo-considers-us-exit-amid-regulatory-uncertainty-heres-latest.htm">relocate from the United States</a> although he later clarified that an exit is &ldquo;not even in the realm of possibility.&rdquo;The company also stated in its release that 83% of G20 members are big on regulatory clarity as well as a renewed drive by EU nations and Hong Kong to grant <a href="https://cryptonews.com/news/okx-final-stage-obtain-hong-kong-vasp-license-as-retail-trading-market-grows.htm">Virtual Assets Service Provider Licenses </a>(VASP).The exchange highlights Europe&rsquo;s growing stance in the market as it hosts about two-thirds of blockchain opportunities and is now almost at par with the US in terms of developer roles at 29%.In a related development, observers have stated that the exchange commitment to Brazil will pay off as the country will take over the leadership of the G20 in December 2023.
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Coinbase Pushes Toward Global Expansion, Sets Sights On Regulated Markets

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