Cryptocurrency exchange Coinbase has specified that its international expansion plans prioritize regions such as the European Union, the United Kingdom, Canada, Brazil, Singapore, and Australia. The company aims to obtain licenses from financial jurisdictions in these regions that enforce “clear rules.” Company CEO Brian Armstrong had previously indicated that remaining in the United States was not guaranteed due to the lack of regulatory clarity but later clarified that leaving the U.S. is not currently feasible.
In April, following Coinbase’s listing on Nasdaq, CEO Brian Armstrong had stated that the company could potentially relocate out of the United States due to uncertainties in the regulatory framework. However, he reversed this stance in August, asserting that leaving the U.S. is “not an option at this time.”
European Union and Other Priority Markets
In a blog post published on Wednesday, Coinbase announced that it is in the final stages of selecting a location for its European Union headquarters. The company aims to be “the most trusted brand in the crypto space” ahead of the European elections in June 2024. As part of these objectives, Coinbase is contemplating reducing its activities in the United States and shifting its focus towards Europe. This is considered a significant step in the company’s international expansion plans.
As is widely known, the adoption of MiCA regulations in Europe positions the EU as the first major jurisdiction to establish a global crypto-licensing regime. MiCA requires crypto firms, such as wallet providers and exchanges, to obtain a license to operate across the bloc, a move that has also pleased global exchanges like Coinbase.
Within the scope of its international expansion goals, Coinbase plans to extend its derivative offerings to new markets and establish partnerships with banks and payment providers. This could enable the company to gain broader global acceptance and increase its market share.