The cryptocurrency exchange US-based Coinbase to Expand Services in Australia; will launch a local entity and updated suite of services for retail cryptocurrency tradersand has hinted that institutional products will soon follow.
Speaking to Cointelegraph, Nana Murugesan, vice president of international and business development at Coinbase, said that building during bear markets has “paid off during the bull run” and is confident in what she sees in the local market..
“Benchmarks,” Murugesan explains, such as local knowledge of cryptocurrencies and people who see them as the future of finance, are “on par or even better” in Australia compared to the United States and other markets..
“Australia definitely packs a lot of weight in the APAC region, certainly globally as well and from a revenue contribution standpoint. I feel pretty good about what he’s going to do.”
Murugesan explains that It all started with the creation of a localized infrastructure, the incorporation of a local entity, Coinbase Australia Pty Ltd, and obtaining registration to provide digital currency exchange services with the Australian Transaction Reporting and Analysis Center (AUSTRAC).the country’s financial intelligence agency.
“We have been very impressed with the open door we have received in Canberra and with the different policy makers,” says Murugesan.who adds that the exchange has received “tough questions” about its platform and token listing.
“Given the ongoing token mapping exercise, there are a lot of technical questions we are getting from Treasury and other departments. […] deep technical questions is another thing we are seeing in Australia at a deeper level than some other countries.”
Initially, Coinbase provides Australian crypto traders with new “fast checkouts” for local bank accounts, access to its advanced trading platform and 24/7 chat support which Murugesan says “opens the door” for the firm to launch its full range institutional and development products.
Although it does not have a concrete calendar on when the products will be available, Murugesan added that he knows Australian institutions will want to “do everything locally” and added that Coinbase will be “very institution-focused” in the coming months..
The exchange will also collaborate with RMIT University’s Blockchain Innovation Hub to assess Web3 opportunities in the country.. Murugesan adds that she is working with the University of New South Wales (UNSW) and others to create related courses and help with research programs.
Murugesan says that as Coinbase seeks further expansion in Asia, it sees regulation as a business enabler as “resources are limited, especially during a bear market”.
With some countries in the region having unclear cryptocurrency policies, it is likely to focus “more on markets that have clarity or have that as their direction,” he said.
He mentioned the high level of interest G20 nations have in cryptocurrencies and how blockchain and digital currencies fit into the future of finance.and expects it to be a “hot topic” among G20 member nations for the coming year, adding:
“There is a lot of interest among Australian policy makers in taking a leadership role in such discussions.”
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