Coinbase has flagged several countries outside the United States where it intends to focus its operations in the near term, citing their comparatively clearer crypto laws.
In a Sep. 6 blog post, Coinbase’s international business VP, Nana Murugesan and international policy VP, Tom Duff Gordon, marked the European Union, United Kingdom, Canada, Brazil, Singapore and Australia as “near-term priority markets.”
The pair said the countries are “enacting clear rules” and Coinbase would focus on “acquiring licenses, registering, and establishing and strengthening operations” in them.
Globally, countries are vying to become crypto hubs. Regulatory clarity has emerged in the EU, UAE, China (HK), Singapore, Australia and Canada, to name a few.
“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 regulations through the courts,” the pair wrote.
They added the country is “sidelining itself” on crypto regulations which puts at risk its influence over the space.
“We’re committed to helping to update the global financial system and providing more economic freedom and opportunity, and won’t stand idle just because the U.S. is,” they wrote.
The crypto exchange faces regulatory action in its native U.S. — with a lawsuit from the Securities and Exchange Commission accusing it of selling unregistered securities and operating illegally.
‘Go Broad, Go Deep’ goes phase 2
Coinbase’s new priority markets are part of the second phase of its expansion plans — which it dubbed “Go Broad, Go Deep.”
It outlined its plans to establish partnerships with global and local banks and payment providers to expand its fiat ramps along with assuring its governance systems are compliant.
Its lobbying and visibility efforts will also intensify ahead of the EU elections next June.
It flagged plans to engage with the G20 aiming to create global crypto standards and will keep a “scorecard” on each country’s crypto regulatory progress.
Coinbase is seemingly focusing its G20 lobbying efforts on Brazil — set to take the G20 chair in 2024.
In March, Coinbase expanded its offering in Brazil and according to the blog post co-founder and CEO Brian Armstrong will visit the country later this year “to engage with key decision-makers and stakeholders.”
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.