Coinbase prioritizes Brazil and the CEO plans to visit the country

Coinbase Global has made Brazil one of its priority countries for expansion, at least in the short term. The current largest US cryptocurrency exchange stated that the plans are part of Phase II of its “Go Broad, Go Deep” strategy, which was released on September 6.

Coinbase faced significant distrust from US regulators, which increased in 2023. As a result, it plans to migrate much of its business to other countries, decentralizing its operations.

The company was the first cryptocurrency and bitcoin brokerage to list its shares on an exchange in the world. With a fully regulated operation, the exchange aims to apply for a license and guarantee the regulation of its activities in the new countries in which it will operate.

Coinbase places Brazil among the priority markets and highlights the regulations in the country

In its publication, Coinbase said so 83% of G20 members and major financial centers have made progress towards regulatory clarity for cryptocurrencies.

In Europe, the exchange realized that regulators are already closely monitoring the market and are not allowing fraud and abuse to go unpunished. And the brokerage founded by Brian Armstrong wants to get closer to regulators and help create rules for the market.

Thus, in the priority markets for Coinbase, Brazil, Europe, Canada, Singapore and Australia are targeted by the exchange. In the coming months, they plan to acquire licenses and registrations and establish themselves legally in all countries.

Another key point of Coinbase’s expansion is the establishment of a headquarters in Bermuda, with local regulations. In the future, the exchange may issue regulated derivatives for investors around the world to access.

“Brazil’s Presidency of the G20 in December 2023 is an excellent opportunity,” says Exchange, claiming Brian will visit the country soon

Coinbase also stated in its new statement that it wants to build partnerships and initiatives with banks, including major institutions. In addition, there is interest in participating in the startup and fintech ecosystem, but also in the entire financial market.

In the press release it says the brokerage also stated that Brazil’s inauguration of the G20 presidency in December 2023 is a great opportunity. Therefore, Coinbase’s CEO will visit the country soon.

“We will begin tracking a scorecard on cryptocurrency regulatory progress in each of these countries and jurisdictions. Brazil’s inauguration of the G20 presidency in December 2023 offers an important opportunity to maintain and help steer this momentum. Coinbase recently launched in Brazil and Canada, and our co-founder and CEO Brian Armstrong will be visiting both countries later this year to interact with key decision makers and stakeholders as we address the G20 agenda and strengthen our presence in the Americas.”

Since its official arrival in Brazil, Coinbase has already integrated Pix and continues to talk with local regulators to structure its operation.

Source: Live Coins