Coinbase noted that there are several countries where it intends to focus its operations thanks to the greater regulatory clarity. The company led by Brian Armstrong cited the European Union, the United Kingdom, Singapore, Australia or Canada as their “markets short-term priorities”. The novelty is that it incorporated a Latin American country: Brazil.
“Currently, 83% of G20 members and major financial centers have moved towards regulatory clarity for cryptocurrencies. The result is an emerging global framework to update the financial system in a way that increases economic freedom and opportunity,” they detail in a post on the company’s official blog.
The MiCA law: the key to Europe
In this sense, Coinbase stressed that Europe “is in the lead” after the approval last April of the MiCA regulations(‘Markets in Crypto Assets’), which has provided “regulatory clarity to the 27 EU countries and has given confidence to the crypto industry to invest in the region.”
“Italy, the Netherlands and Ireland have also granted us registrations as a service provider. virtual assets (VASP) in the last year, while Germany granted us its first crypto license in 2021. Thanks to its crypto-friendly approach, Europe now claims two-thirds of the blockchain jobs of the world, 68%, compared to 14% each for Asia and North America, and is on par with the United States in the share of developer jobs at 29%,” they explain.
Coinbase rejects the US position
Likewise, the company has once again criticized the position of USA with respect to cryptoassetsensuring that “around the world progress is being made in cryptocurrency regulation, except in the US, which is opting for a “strategy” of applying existing rules and new regulation through the courts.”
“By standing aside while so many advanced and emerging economies advance, the US risks lose your influence about the future of Finance system. It has already lost a significant share of developers in recent years, from 40% to 29%, and could lose up to a million developer jobs to other countries. He also lost the most blockchain jobs of any country between 2022 and 2023″, they emphasize.
All in all, the American firm has assured that it is “committed to helping update the global financial system and providing more freedom and economic opportunity, and we will not sit idly by just because the United States is.”
The SEC’s lawsuit against Coinbase
In recent months, Coinbase has been sued by the Securities and Exchange Commission (SEC, for its acronym in English) believing that it violated securities laws after having operated as an unregistered operator, exchange and clearing agency simultaneously. The company has denied these accusations and has assured that it will defend itself in court.
Likewise, the CEO of Coinbase, Brian Armstrong has repeated several times that the United States runs the risk of losing hegemony in the cryptocurrency market due to its restrictive approach to the sector.
Source: Ambito
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