Coinbase's VP Talks Expansion Into Australia, Facing "Tough Questions

Coinbase's VP of international and business development said that, with an expanded Australian offering, the exchange faced "tough questions" from regulators and policymakers about its services.

The Coinbase exchange is expanding its services to Australia, launching a local entity and updated suite of services for retail crypto traders. This suggests that institutional products are soon to follow. This is good news for the cryptocurrency community in Australia, as it will provide more options and accessibility to trading digital assets.

I believe that building during bear markets has been a wise move by Coinbase, and I'm confident in the local market's ability to rebound strongly in the future. murugesan said that he sees a lot of potential in the market and that Coinbase is well-positioned to capitalize on it. I think this is a great attitude to have and I'm excited to see what the future holds for this company.

It is heartening to see that the level of awareness and enthusiasm for cryptocurrencies is just as high in Australia as it is in other developed markets such as the United States. This bodes well for the future of crypto as a legitimate and mainstream financial tool. With more people recognising its potential, we can expect to see even more innovation and adoption in the space in the years to come.

“Australia definitely punches way, way over its weight in the APAC region, certainly at a global level too and from a revenue contribution standpoint, I feel pretty good about what it's going to do.”

Murugesan's vision is to build a localized infrastructure for digital currency exchange services in Australia. This would include incorporating a local entity, Coinbase Australia Pty Ltd, and obtaining registration with AUSTRAC, the country's financial intelligence agency. This would provide a more streamlined and efficient process for exchanging digital currencies in Australia.

We are very impressed with the open door policy that we have received from policymakers in Canberra. The exchange has received tough questions regarding its platform and token listings, but we believe that this is a positive sign that the government is interested in working with us to create a thriving digital economy in Australia.

“Given the token mapping exercise that's going on, there are a lot of technical questions that we are getting from the Treasury and other departments […] deep technical questions is another thing that we are seeing in Australia at a level deeper than some other countries.”

As one of the largest and most popular cryptocurrency exchanges, Coinbase is always looking for ways to improve the user experience. Recently, they announced new features for Australian users, including faster payments for local bank accounts and access to their advanced trading platform. These new features are just the latest example of Coinbase's commitment to providing a top-notch experience for all users.

It is clear that Coinbase is focused on providing services to institutions in the coming months. This is good news for the cryptocurrency industry, as it shows that Coinbase is confident in the future of digital assets. Additionally, this focus on institutional investors will help to legitimize cryptocurrencies and make them more mainstream.

The exchange will also collaborate with RMIT University’s Blockchain Innovation Hub to assess Web3 opportunities in the country. Murugesan adds that it is working with the University of New South Wales (UNSW) and others to create related courses and assist in research programs. This is a great opportunity for the exchange to help further blockchain adoption in Australia by working with universities to create courses and research programs. This will help to educate the public about blockchain technology and its potential applications.

Murugesan sees regulation as a business enabler for Coinbase's expansion into Asia, citing limited resources during a bear market.

It's likely that the cryptocurrency industry will focus more on markets that have clear regulations and policies around digital currencies. This is because there is more certainty and predictability in these markets, which makes it easier for businesses to operate in them. In contrast, markets with unclear or evolving crypto policies can be more risky and uncertain, making them less attractive for businesses.

There is no doubt that blockchain technology and digital currencies are rapidly gaining traction all over the world. It is therefore not surprising that they are also becoming a hot topic among G20 nations. With crypto assets becoming more mainstream, it is likely that we will see even more interest and adoption of these technologies in the future.

“There's a lot of interest among Australian policymakers to take a leadership role in those type of discussions, too.”