By Bitcoin.com - 7 months ago - Reading Time: 2 minutes
Coinbase Seeks Expansion in Markets With Clear Crypto Rules Unlike US
America’s leading cryptocurrency exchange, Coinbase, plans to expand its business in jurisdictions that are adopting clear regulations for the sector. These include markets in Europe, Asia and the Americas as opposed to the United States which, the company says, is enforcing existing rules and new regulation through courts.
Coinbase Eyes ‘Crypto-Forward Markets’ Like EU, Singapore, Brazil for Expansion
Crypto exchange Coinbase announced it’s executing the second phase of its “Go Broad, Go Deep” strategy for international expansion. The company shared details about its plans in a blog post analyzing the regulatory environment in key markets around the world.
The leading U.S. trading platform for digital assets will focus on acquiring licenses, registering, and establishing operations in jurisdictions that are enacting clear rules. “Near-term priority markets include Europe (EU and U.K.), Canada, Brazil, Singapore, and Australia,” the exchange revealed.
In that respect, Europe is leading the way, Coinbase noted. In April of this year, the European Union adopted its Markets in Crypto Assets (MiCA) law, bringing regulatory clarity to all 27 EU member states while giving the crypto industry confidence to invest in the Union.
The American company is convinced that thanks to its crypto-forward approach, Europe now claims two thirds of the world’s blockchain jobs, or 68% versus 14% for Asia and North America each. At 29%, the Old Continent’s share of developer jobs matches that of the United States.
Coinbase also pointed out that 83% of the G20 members and major financial hubs have made progress in terms of clarifying regulations for crypto. It highlighted relevant developments in other nations, including Japan, Hong Kong and the United Arab Emirates (UAE), while emphasizing:
The result is an emerging global framework for updating the financial system in ways that increase economic freedom and opportunity.
The exchange also marked the work done by global standard-setting bodies such as the International Organization of Securities Commissions, the Financial Stability Board, the International Monetary Fund, the Bank of International Settlements, and the G20.
At the same time, Coinbase criticized U.S. authorities for their regulatory approach: “Every part of the world is seeing progress on crypto-forward regulation — except for the U.S., which is opting for a ‘strategy’ of enforcement of existing rules and new regulation through the courts.”
The major American crypto firm warned that “by sidelining itself while so many advanced and emerging economies move ahead, the U.S. risks forfeiting its influence over the future of the financial system.” Between 2022 and 2023, the nation has lost the most blockchain jobs of any country, Coinbase noted.
What do you think about Coinbase’s plan to focus on expanding in markets with clear crypto regulations? Tell us in the comments section below.
Original source: Bitcoin.com