Coinbase will assist the United Kingdom’s Web3 gateway, and the Treasury is reportedly reviving its blockchain taskforce
Brian Armstrong will provide the United Kingdom with recommendations regarding regulations, taxation, and fostering collaboration between the banking and FinTech industries.
The United Kingdom could “turbocharge” its crypto sector and become an “innovation hub for the Web3 economy” if cryptocurrency exchange Coinbase’s vision is realized.
The exchange’s remarks coincide with a Sky News report from April 17 stating that the U.K. Treasury will revive the Asset Management Taskforce with a concentration on developing crypto regulation in collaboration with the private sector.
In a blog post dated 16 April, Coinbase emphasized that the company is working “seriously” in the United Kingdom and Europe. It also stated that its CEO, Brian Armstrong, would present at a London fintech conference and provide nine recommendations on how the United Kingdom can “cement its place” as a Web3 center.
The U.K. is one of our fastest-growing user markets, and the E.U. is poised to ratify the Markets in Crypto Assets (MiCA) regulation this week, which will introduce a new licensing regime to all 27 member states. They added:
“Europe is preparing for a profound shift in the way it uses and thinks about money as a result of its embrace of the digital economy, which is currently occurring.”
In addition, the document provided a concise summary of Armstrong’s nine recommendations to the British government.
The list includes assuring collaboration between the banking and fintech sectors, devising a cross-departmental strategy for technological innovation and the digitization of the economy, and swiftly establishing a regulatory framework for cryptocurrencies.
In addition, Coinbase outlined the development of “a regulatory framework that promotes stablecoins,” the clarification of tax treatment for crypto assets, and the creation of a plan to “bring decentralised identification to fruition.”
Armstrong disclosed via Twitter on April 16 that he met with Andrew Griffith, the economic secretary and city minister of the United Kingdom, prior to his speech on April 18.
The CEO of Coinbase expressed concern over the de-banking of some crypto firms in the United Kingdom and the negative implications of the 24-hour “cooling off” period for investments in financial product promotions that went into effect in February under the “Financial Promotion regime.”
Also Read: Gary Gensler is attacked for referring to Bittrex as a stock exchange
