In a significant development in the cryptocurrency space, Coinbase, a leading cryptocurrency exchange, has unveiled its “Phase II” international expansion plan.
Coinbase’s “Phase II” expansion strategy includes acquiring licenses and bolstering operations in markets with clear regulations, such as Europe, Canada, Brazil, Singapore, and Australia.
The plan also involves expanding services globally, forming partnerships with banks and payment providers, ensuring compliance in all operating countries, and actively engaging with the community.
This announcement comes amid increasing regulatory clarity from 83% of major financial hubs and G20 member nations.
While many countries are making progress in crypto regulation, the United States has adopted an enforcement-focused approach, potentially jeopardizing its influence in the global financial system. Coinbase has highlighted the risk of losing developer jobs and blockchain positions in this context.
Coinbase called for collaboration between the crypto sector and the US government to reform the financial system. They emphasize the crucial need for clarity and certainty in crypto regulation to facilitate innovation and growth in the industry.