Coinbase is expanding at a global level across six continents in response to countries positioning themselves as crypto hubs.
Coinbase, the popular cryptocurrency exchange platform, is set to embark on an 8-week global expansion campaign across six continents. This move comes as several countries around the world are increasingly establishing regulatory frameworks for cryptocurrencies, with the aim of positioning themselves as crypto hubs. Coinbase plans to accelerate its “Go Broad, Go Deep” global strategy by launching new products and services, partnering with key players in the financial, tech, and telco sectors, and engaging with government officials and regulators to advance their crypto-related plans.
In the UK, Prime Minister Rishi Sunak has expressed a desire to make London an international hub for crypto. Financial Services Minister Andrew Griffith has also emphasized the potential opportunities presented by crypto and is accelerating plans to build a comprehensive regulatory framework for the industry. The European Union’s Markets in Crypto Assets (MiCA) regulation may enter into force soon, with several EU member countries like Germany emerging as centers for crypto and blockchain activity. Germany’s capital, Berlin, has become a global hub for crypto, and other countries are expected to follow suit.
Switzerland, on the other hand, has positioned itself as a “Crypto Nation,” nurturing the growth of the crypto industry and attracting global talent. Bermuda, with its long-standing and globally-recognized financial and insurance regulatory regimes, has also reiterated its ambition to become a crypto hub. In Japan, the government is refining its policies around DAOs, stablecoins, and NFTs.
Expanding to Other Continents
Australia is currently undergoing a consultation process on token mapping, with plans to consult on a licensing and custody regime for crypto later this year. Singapore has a regulatory framework for crypto that seeks to balance innovation and consumer protection, and recently announced its ambitions to become a crypto hub with a holistic approach. Hong Kong has also received approval from China to consult on a new crypto-licensing regime aimed at promoting crypto innovation on the island.
Meanwhile, in Brazil, the Central Bank has announced plans to encourage banks to hold digital assets by leveraging its Pix payment system. The communications protocols behind Pix will also be open-sourced in November 2022 so that other central banks can replicate them for free. In the UAE, Dubai has announced an ambitious framework for digital assets licensing, with the goal of becoming a global hub for crypto and blockchain. The Virtual Assets Regulatory Authority (VARA) has been actively attracting crypto projects and talent from around the world.
These countries’ regulatory frameworks for cryptocurrencies reflect their efforts to attract new companies, jobs, and revenue, and to update their financial systems for greater efficiency and security. Coinbase, in response to this fast-moving regulatory activity, aims to accelerate its international strategy and seize the opportunities presented by these emerging crypto hubs.
New Coinbase Features
Over the next eight weeks, Coinbase plans to launch new products and services, establish partnerships with key players in the financial, tech, and telco sectors, and engage with government officials and regulators to support and regulate crypto. The company’s co-founder and CEO, Brian Armstrong, has written an op-ed on the need for the US to lead in the crypto space, and the importance of updating the financial system for greater efficiency and ease of use. Armstrong believes that the US should be at the forefront of this effort, and that the crypto sector and the US government should work together to achieve this goal.
As part of its ongoing public education campaign, “It’s Time to Update the System,” Coinbase has created an ad highlighting how the US is lagging behind in terms of economic freedom, and the need to reform the financial system for greater clarity and certainty. The company aims to build the most trusted services and products, including initiatives to support KYC rules, AML laws, and consumer protection tools, in order to advance the adoption and growth of cryptocurrencies.