Coinbase has unveiled a plan for the UK to become a hub for the Web3 economy and “turbocharge” its cryptocurrency industry.
On April 17, 2023, Sky News reported that the UK Treasury intends to reactivate the Asset Management Taskforce and collaborate with the private sector to establish crypto regulations, in line with Coinbase’s statement.
In a tweet, Brian Armstrong, the CEO of Coinbase, acknowledged the UK’s drive towards creating sensible crypto regulations to stimulate economic growth and protect consumers, referring to a blog post by Coinbase on April 16, 2023.
Great meeting today with UK Economic Secretary and City Minister @griffitha.
The UK is moving fast on sensible crypto regulation to both drive economic growth AND consumer protection. Excited to keep investing in the UK. ???????? pic.twitter.com/478PQSLmDe
— Brian Armstrong (@brian_armstrong) April 17, 2023
Coinbase published a blog post emphasizing its commitment to working in the UK and Europe and commending the region’s forward-thinking legislative initiatives. The company also announced that Armstrong would deliver a keynote speech at a London FinTech conference, presenting nine recommendations for the UK to cement its position as a Web3 hub.
The Coinbase post mentioned that the EU is preparing to enforce the Markets in Crypto Assets (MiCA) regulation, which will create a new regulatory framework for its 27 member states. The UK is one of Coinbase’s fastest-growing user markets.
During his speech at the conference, Armstrong will present Coinbase’s vision for propelling the industry forward and cementing the UK’s position as a Web3 innovation centre, consisting of nine recommendations. If implemented, these proposals would position the UK as a frontrunner in the sector and enable it to benefit from the impending wave of financial and technological innovation.
The recommendations include the following:
- Ensuring that banks and fintech collaborate to accelerate crypto innovation
- Putting Web3 and blockchain at the heart of government
- Quickly establishing a regulatory framework.
- Ensuring financial promotion rules balance investor protection, financial inclusion, and investment in the sector
- Delivering a regulatory framework that promotes stablecoins
- Delivering a strategy for the city’s ongoing leadership that puts digital assets at its heart and provides opportunities to innovate outside existing market rules
- Making important changes to the UK legal framework to reflect tech developments and deliver certainty on digital property rights and a crypto collateral regime
- Providing clarity on UK tax treatment for crypto assets that puts it on the same footing as traditional financial activities
- Setting out a plan to bring decentralized ID (DiD) to fruition.
Brian Armstrong is known for his outspoken views on regulatory bodies, especially after his criticism of the United States Securities and Exchange Commission (SEC).
Coinbase was served a Wells Notice by the US regulatory body, prompting Armstrong to express frustration with the lack of clarity provided on how to regulate cryptocurrencies, comparing the SEC’s handling of bitcoin legislation in the United States to “soccer referees” in a pickleball match.
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