Coinbase, one of the world’s largest cryptocurrency exchanges, has laid out a vision for the United Kingdom to become a leader in the Web3 economy, creating an “innovation hub” for the crypto sector.
The exchange’s comments come as the U.K. Treasury reportedly revives its Asset Management Taskforce, which will focus on developing crypto regulation in partnership with the private sector.
In an April 16 blog post, Coinbase stated that it is working “seriously” in the U.K. and Europe, praising the region’s progressive regulatory efforts. The company’s CEO, Brian Armstrong, is set to speak at a London fintech conference and provide nine recommendations on how the U.K. can cement its place as a Web3 hub.
Armstrong’s recommendations include ensuring collaboration between the banking and fintech sectors, developing a cross-departmental strategy for tech innovation and economy digitization, and quickly establishing a regulatory framework for crypto.
Coinbase also highlighted the need for a regulatory framework that promotes stablecoins, clarity on tax treatment for crypto assets, and a plan to bring de-centralized ID to fruition.
Ahead of his speech, Armstrong revealed via Twitter that he had met with the U.K.’s economic secretary and city minister, Andrew Griffith.
During the meeting, Armstrong raised concerns over the de-banking of some crypto firms in the U.K. and the negative implications of the 24-hour cooling-off period for investments in financial product promotions that came into effect under the “Financial Promotion regime” in February.
