Coinbase’s Vision for the UK: A Crypto and Web3 Innovation Hub
Coinbase recently spoke about its increasing focus on the UK and EU 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 UK Fintech Week on April 18, and discuss 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, demand is steadily increasing. Furthermore, 84% of UK adults believe that the global financial system unfairly favors powerful interests, while 65% believe 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, harnessing the next wave of technological and financial innovation.
These recommendations include fostering cooperation between banks and FinTechs, placing Web3 and blockchain at the heart of the government’s strategy, establishing a risk-sensitive regulatory framework, ensuring that financial marketing rules balance investor protection and inclusion, and promoting stable coins. Furthermore, 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 the tax treatment of 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 towards creating a regulated environment that promotes 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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