Coinbase Is Planning On Helping UK To Become A Hub For Web3

  • UK Treasury intends to revive the Asset Management Taskforce.
  • Coinbase raised concerns over de-banking of some cryptocurrency businesses in the UK

According to bitcoin exchange Coinbase, the United Kingdom might “turbocharge” its cryptocurrency business and become into a “innovation hub for the Web3 economy.” The exchange’s claims line up with a Sky News report from April 17 claiming that the UK Treasury intends to revive the Asset Management Taskforce, emphasising the importance of developing crypto legislation in partnership with the private sector.

In a blog post from April 16, Coinbase claimed to be “seriously” at work in the UK and Europe. It praised the area’s proactive regulatory actions and announced that its CEO, Brian Armstrong, will present nine suggestions for how the UK may “cement its place” as a Web3 hub during a speech at a London FinTech conference.

Coinbase Reaffirmed Its Commitment 

In a blog post published on April 16th, cryptocurrency exchange Coinbase reaffirmed its commitment to working diligently in the UK and Europe and praised the area’s proactive legislative actions.

It is important to note that Coinbase CE will provide nine proposals to ensure the UK’s status as a Web3 center at a London FinTech conference.

In addition to developing a cross-departmental strategy for technological innovation and economic digitization, Armstrong’s nine proposals for the UK government include encourage cooperation between the banking and FinTech industries and the swift implementation of a regulatory framework for cryptocurrency. He also discussed the need for a legislative framework that is supportive to stablecoins, clear tax regulations for digital assets, and a strategy to recognise decentralized ID (DiD).

The Treasury’s renewed focus on the Asset Management Taskforce and Coinbase’s attempts to turn the UK into a Web3 innovation hub show a common commitment to promoting the development and regulation of the crypto sector in the area.

However, while Coinbase is trying to expand into the UK, conditions appear to be a little more difficult abroad in the United States. The US’s top security regulator sent Coinbase a Wells Notice at the end of March.

A New Regulatory Framework

Additionally, Coinbase talked about creating “a regulatory framework that promotes stablecoins,” “clarifying the tax status for crypto assets,” and “bringing de-centralized ID (DiD) to fruition.” Armstrong tweeted on April 16 that he had met with Andrew Griffith, the UK’s Economic Secretary and City Minister, in the days before his April 18 speech.

The CEO of Coinbase raised concern over the de-banking of some cryptocurrency businesses in the UK as well as the unfavorable effects of the 24-hour “cooling off” time for financial product advertising that went into effect in February under the “Financial Promotion regime.”

The Asset Management Taskforce will soon be revived by the Treasury under the direction of City Minister Griffith, according to Sky News U.K. In order to improve communication between the government, the FinTech and cryptocurrency industry, and the regional financial regulator, the Financial Conduct Authority (FCA), the Asset Management Taskforce was established in 2017.

The body appears to have been relatively dormant during the past few years. However, according to Sky News, conversations between the Treasury, the FCA, fund managers, and other stakeholders will take place this week as the government looks for ways to improve the local crypto asset market.

Griffith made a notable speech on April 17 at the UK FinTech Week conference in London, where she emphasized that the government is focusing on “fostering innovation by making the U.K. a safe jurisdiction for crypto asset activity.”



, , ,