Coinbase’s Vision for the UK: A Crypto and Web3 Innovation Hub
Coinbase recently talked about its growing focus on the United Kingdom and the European Union as these regions prepare for a significant shift in their digital economy landscape.
According to the post, the UK has become one of Coinbase’s fastest-growing user markets, and the EU is set to adopt the Markets in Crypto Assets (MiCA) regulation, which will introduce a new licensing regime across its 27 member states.
Coinbase CEO Brian Armstrong is scheduled to headline the UK Fintech Week on April 18, discussing the company’s commitment to the region. With 22% of UK adults owning cryptocurrency and 28% likely to trade or buy crypto within the next 12 months, the demand is steadily increasing. Furthermore, 84% of UK adults believe the global financial system unfairly favors powerful interests, while 65% think the system requires major changes or a complete overhaul.
Armstrong’s interview with former Chancellor of the Exchequer George Osborne will focus on Coinbase’s vision for the UK and how it can turbocharge the crypto sector, positioning the country as a hub for Web3 innovation. The blog post outlines nine recommendations that Coinbase believes will position the UK as a leader in the sector, capitalizing on the next wave of technological and financial innovation.
These recommendations include promoting collaboration between banks and FinTechs, placing Web3 and blockchain at the heart of government strategy, establishing a risk-sensitive regulatory framework, ensuring financial promotion rules balance investor protection and inclusion, and promoting stablecoins. Moreover, the recommendations suggest developing a strategy for the City of London with digital assets at its core, making crucial changes to the UK’s legal framework to accommodate technological developments, providing clarity on tax treatment for crypto assets, and setting out a plan for decentralized ID (DiD) implementation.
Coinbase’s blog post highlights the company’s enthusiasm for the progress made in the UK toward creating a regulated environment that fosters industry growth and protects consumers. The platform looks forward to sharing its vision at UK Fintech Week as it seeks to expand its regional presence.
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