Cryptocurrency exchange Coinbase has named several jurisdictions where it intends to concentrate its activities in the near future. The main selection criterion is clearer legislation on cryptocurrencies.

According to a joint publication by Nana Murugesan and Tom Duff Gordon, vice presidents of international business development and policy at Coinbase, the EU, UK, Canada, Brazil, Singapore and Australia may be the top priority markets for the trading platform. These countries are developing and adopting clearer legal frameworks to regulate cryptocurrencies. Therefore, Coinbase plans to expand its activities in these countries by first registering with the necessary authorities and obtaining licenses.

The European Union has already passed a bill on regulation of cryptocurrencies (MiCA), which will provide clarity of supervision in the 27 EU countries. The bill will come into force at the end of 2024. Coinbase executives said the exchange is already licensed and registered as a virtual asset service provider (VASP) in Ireland, Italy and the Netherlands, and has also received a cryptoasset license in Germany.

Coinbase management also noted that Canada has implemented the Pre-Registration Agreement (PRU), which the exchange joined in March of this year. By signing the PRU, Coinbase agreed to comply with strict regulatory requirements and work with local regulators to develop cryptocurrency regulation in the country.

Coinbase began exploring alternative markets after facing intense pressure from the US Securities and Exchange Commission (SEC). In June, the department accused the exchange of selling unregistered securities.