Coinbase Aims for Unified Crypto Rules at G20 Summit in Brazil
Coinbase, the popular cryptocurrency exchange, plans to use the G20 summit in Brazil as an opportunity to advocate for a unified set of rules for crypto operators worldwide. Brazil recently took over the presidency of the G20 from India and is set to host the summit in Rio De Janeiro next year. Nana Murugesan, Coinbase’s VP of international and business development, stated that the exchange operator will work towards “building some global consensus” through Brazil’s presidency. Coinbase’s international strategy, known as “Go Broad, Go Deep,” focuses on 24 countries, including G20 members and other key markets. The company aims to establish clarity, consensus, and guiding principles for crypto regulation across these jurisdictions.
Expanding International Presence Amid U.S. Regulatory Challenges
Amid regulatory challenges in the United States, Coinbase has accelerated its international expansion efforts. The company has obtained licenses and registrations in several countries, including Ireland, the Netherlands, Italy, Singapore, and Germany. It has also launched Coinbase International Exchange, a derivatives platform based in Bermuda. However, Coinbase emphasizes that it is not seeking the easiest path or engaging in jurisdiction shopping. The company remains committed to the U.S. market but is advocating for clearer regulatory guidelines while simultaneously pursuing international growth.
Hot Take: Coinbase Seeks Global Consensus on Crypto Regulation
Coinbase’s focus on advocating for a unified set of rules for crypto operators globally is a significant step towards establishing regulatory clarity in the industry. By utilizing the G20 summit in Brazil as a platform, the company aims to promote collaboration among nations and drive consensus on key principles. This approach aligns with Coinbase’s broader international strategy, which prioritizes engaging with 24 countries, including G20 members. As Coinbase expands its presence in various jurisdictions, it seeks to navigate different regulatory landscapes while working towards a common framework that ensures the responsible and secure operation of cryptocurrencies worldwide.
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