G20 in Brazil Presents an Opportunity for Unified Regulation in the Crypto Sector
The upcoming G20 conference in Rio De Janeiro, Brazil, has the potential to establish global consensus on cryptocurrency regulation. Coinbase, the popular crypto-exchange, is advocating for unified regulation in the industry and sees the G20 as a platform to push for this goal. Coinbase aims to accelerate its international journey by obtaining licenses for crypto companies from various countries. Currently, Coinbase has already secured registrations in Ireland, the Netherlands, and Italy, as well as provisional approval in Singapore and a license in Germany.
“Working with G20 members and major financial hubs to help build consensus and create global standards for our industry. We will start keeping a scorecard on the regulatory progress with crypto in each of these countries and jurisdictions.” – Coinbase
“Brazil taking the G20 chair in December 2023 presents a significant opportunity to maintain and help direct this momentum.” – Coinbase
Technical Issues with Coinbase’s Ethereum Layer 2, Base
While Coinbase is actively advocating for global crypto regulation, it has faced technical problems with its Ethereum Layer 2 solution, Base. The blockchain platform experienced issues with block validation, leading to a temporary network shutdown. However, it was later clarified that there was a delay in block production, potentially due to an internal infrastructure upgrade. Despite these challenges, Base continues to expand and support new crypto assets, including the USD Coin stablecoin. The platform has also welcomed new DeFi projects, attracting over $400 million in Total Value Locked (TVL).
Hot Take: G20 Summit Holds Promise for Crypto Regulation
The G20 conference in Brazil presents a unique opportunity for the global crypto sector to establish unified regulation. Coinbase, a leading crypto-exchange, is actively working towards this goal by engaging with G20 members and major financial hubs. By keeping a scorecard on regulatory progress and promoting global standards, Coinbase aims to create a conducive environment for the industry. However, Coinbase’s technical challenges with its Ethereum Layer 2 solution, Base, highlight the complexities of implementing and maintaining blockchain infrastructure. Despite these setbacks, Base continues to evolve, supporting new crypto assets and attracting DeFi projects, demonstrating the platform’s potential for growth and innovation.
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