Coinbase seeks to further the vision of the UK as a Web3 hub
The cryptocurrency platform believes that the UK has the potential to succeed in this cryptocurrency sector
Coinbase, a cryptocurrency exchange, presented a vision suggesting that the UK could become an “innovation hub for the Web3 economy” and strengthen its cryptocurrency sector.
This comes amid reports that the UK Treasury intends to reactivate the Asset Management Task Force to engage with the private sector in developing cryptocurrency regulation.
In a recent blog post, Coinbase praised progressive regulatory efforts in the UK and Europe, noting that the UK has been one of its fastest growing user markets. The platform also revealed nine recommendations from Coinbase CEO Brian Armstrong for the UK to “cement its place” as a Web3 hub.
These recommendations include collaboration between the banking and fintech sectors, the development of an interdepartmental strategy for technological innovation and the digitization of the economy, as well as the creation of a regulatory framework for cryptocurrencies.
Coinbase also addressed topics such as the development of a regulatory framework that promotes stablecoins, clarity in the tax treatment of crypto assets, and the implementation of decentralized identification (DiD).
Ahead of his scheduled speech on April 18, Armstrong revealed on Twitter that he had met with UK Finance Secretary and City Minister Andrew Griffith to express concerns about the unbanking of some cryptocurrency companies in the UK and the negative implications of the restrictions on the promotion of financial products that came into effect in February.
(Reference image source: file)
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