COINBASE's OFFSHORE CRYPTO EXCHANGE

Coinbase which is the second-largest crypto exchange in the world and the largest in the crypto in the United States announced its offshore crypto exchange this week. You should know that Coinbase initially announced it will be launching an exchange outside the United States around March and it is because of regulatory scrutiny around staking services. You should know that sued Kraken cryptocurrency some months ago providing a staking service to customers and the regulations were claiming that staking is unregistered security. Of course, Coinbase has been experiencing some scrutiny from the SEC for a while now but the staking crackdown appeared to be the limit they could take.

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Coinbase offshore crypto exchange could be an advantage or disadvantage, it could be bullish due to the fact that it will likely increase Coinbase's overall profit which attract more investors into the space and also it can be bearish in the sense that it will mean more cryptocurrency and liquidity moving offshore. We are starting other cryptocurrency exchanges like Gemini trying to leave the United States. We will see trading carry on against Gemini's own stablecoin (GUCD) and this could increase USDT trading. Co-founder of Gemini Exchange once said that the next bull run will be driven by a country in East Asia and they want to position Gemini to benefit from this.

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The European Union (EU) finally approved the market in cryptocurrency asset regulations, and before the proposer was approved, the final vote was proposed twice. Market In Cryptocurrency Asset (MICA) was the first comprehensive regulatory framework we have ever since. The regulations provide easy to understand of cryptos and their requirements. MICA also let us know that these rules don't apply to decentralized finance (DeFi). This means Defi will continue to work fine in Europe until Defi-specific regulations are introduced and it is only a matter before we start seeing that.