Bermuda

United

&lt;figure class="image"&gt;&lt;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=""&gt;&lt;figcaption&gt;Source: Adobe / Rafael Henrique&lt;/figcaption&gt;&lt;/figure&gt;&lt;p&gt;Digital asset exchange Coinbase sets out plans for a global expansion flagging jurisdictions outside the United States as &amp;ldquo;&lt;i&gt;near-term priority markets.&amp;rdquo;&lt;/i&gt;&lt;/p&gt;&lt;p&gt;In a recent &lt;a href="https://www.coinbase.com/blog/announcing-phase-ii-of-our-international-expansion-strategy-83-of-major-hubs"&gt;&lt;u&gt;blog post&lt;/u&gt;&lt;/a&gt;, the company highlighted several challenges in the US markets citing bottleneck regulations leading to an exodus of both investors and creators.&lt;/p&gt;&lt;figure class="media"&gt;&lt;oembed url="https://twitter.com/coinbase/status/1699880964342907115?s=46&amp;amp;t=sCvh3f3rMDfXyJcf1y1Eyg"&gt;&lt;/oembed&gt;&lt;/figure&gt;&lt;p&gt;Nana Murugesan and Tom Duff Gordon, Coinbase&amp;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.&amp;nbsp;&lt;/p&gt;&lt;p&gt;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.&amp;nbsp;&lt;/p&gt;&lt;blockquote&gt;&lt;p&gt;&amp;ldquo;&lt;i&gt;Every part of the world is seeing progress on crypto-forward regulation except for the U.S., which is opting for a &amp;lsquo;strategy&amp;rsquo; of enforcement of existing rules and new regulations through the courts.&amp;rdquo;&amp;nbsp;&lt;/i&gt;&lt;/p&gt;&lt;/blockquote&gt;&lt;p&gt;In its expansion plans termed&amp;nbsp; &amp;ldquo;Go broad, Go deep,&amp;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.&lt;/p&gt;&lt;p&gt;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.&lt;/p&gt;&lt;h2&gt;&amp;ldquo;Go broad, Go Deep&amp;rdquo;- Coinbase keen on new markets&amp;nbsp;&lt;/h2&gt;&lt;p&gt;Per the blog post, the exchange is set to expand its &amp;ldquo;Go Broad&amp;rdquo; products with &amp;ldquo;&lt;i&gt;forward-thinking regulators.&amp;rdquo; &lt;/i&gt;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.&lt;/p&gt;&lt;figure class="media"&gt;&lt;oembed url="https://twitter.com/cryptonews/status/1633782919691943939?s=46&amp;amp;t=sCvh3f3rMDfXyJcf1y1Eyg"&gt;&lt;/oembed&gt;&lt;/figure&gt;&lt;p&gt;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.&amp;nbsp;&lt;/p&gt;&lt;p&gt;The expansion plan efforts entail steps to become compliant with the laws of every country including local events for community development.&amp;nbsp;&lt;/p&gt;&lt;p&gt;&amp;ldquo;&lt;i&gt;We&amp;rsquo;re committed to helping to update the global financial system and providing more economic freedom and opportunity, and won&amp;rsquo;t stand idle just because the U.S. is.&amp;rdquo;&amp;nbsp;&lt;/i&gt;&lt;/p&gt;&lt;h2&gt;Regulation: American nightmare, EU&amp;rsquo;s blessing&amp;nbsp;&lt;/h2&gt;&lt;p&gt;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 &amp;ldquo;&lt;i&gt;hostile&amp;rdquo; &lt;/i&gt;in their approach towards digital assets.&lt;/p&gt;&lt;p&gt;This year, the &lt;a href="https://cryptonews.com/news/breaking-coinbase-sued-by-sec-just-day-after-binance-lawsuit-which-firm-next.htm"&gt;&lt;u&gt;SEC instituted lawsuits&lt;/u&gt;&lt;/a&gt; against Coinbase and Binance for allegedly offering unregistered securities, a claim that the exchange refutes.&amp;nbsp;&lt;/p&gt;&lt;p&gt;The ongoing regulatory debacle has resulted in Brian Armstrong, Coinbase CEO noting that the firm could &lt;a href="https://cryptonews.com/news/coinbase-ceo-considers-us-exit-amid-regulatory-uncertainty-heres-latest.htm"&gt;&lt;u&gt;relocate from the United States&lt;/u&gt;&lt;/a&gt; although he later clarified that an exit is &amp;ldquo;&lt;i&gt;not even in the realm of possibility.&amp;rdquo;&lt;/i&gt;&lt;/p&gt;&lt;p&gt;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 &lt;a href="https://cryptonews.com/news/okx-final-stage-obtain-hong-kong-vasp-license-as-retail-trading-market-grows.htm"&gt;&lt;u&gt;Virtual Assets Service Provider Licenses &lt;/u&gt;&lt;/a&gt;(VASP).&lt;/p&gt;&lt;p&gt;The exchange highlights Europe&amp;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%.&lt;/p&gt;&lt;p&gt;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.&lt;/p&gt;

Coinbase Pushes Toward Global Expansion, Sets Sights On Regulated Markets

Cryptonews.com

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