Coinbase CEO meets with UK Economic Secretary to discuss crypto innovation
Coinbase gives nine recommendations to "turbocharge" technological and financial innovation in the UK.
Coinbase CEO Brian Armstrong tweeted he had a “great meeting” with U.K. Economic Secretary to the Treasury Andrew Griffiths.
The U.K. government seeks to position the country as a crypto hub through legislation encouraging business investment and retail adoption.
However, spurred by talk of a digital pound and several U.K. banks blocking crypto on-ramping, that narrative has been called into question recently.
Armstrong shrugged off those concerns by saying the U.K. is on track to deliver “sensible crypto regulation,” adding that Coinbase is excited to continue supporting the region.
“The UK is moving fast on sensible crypto regulation to both drive economic growth AND consumer protection. Excited to keep investing in the UK.“
Accelerate crypto innovation
Armstrong disclosed two talking points discussed with Griffiths. Those were to do with certain banks blocking on-ramping, which the Coinbase CEO said is likely unlawful – and the Finance Promotion rules being harmful to “real world use cases, formation of capital markets, and consumers.”
Finance Promotion governs the marketing and communications around financial products. Armstrong raised an issue with the rules on “unsolicited real time financial promotion” by an overseas communicator, saying that “a 24 hr “cooling off” period for crypto trades” is a step too far.
A Coinbase blog post stated that the U.K. is one of its fastest-growing markets. Moreover, the company wants “to be a big part” of its success as a thriving crypto hub,
“That’s why Brian will be discussing Coinbase’s vision for how the UK can turbocharge the sector and cement its place as an innovation hub for the Web3 economy.”
To achieve its ambitions of becoming a crypto hub, Coinbase made nine recommendations, which, if actioned, could position the U.K. favorably. They are:
- Banking cooperation – with banks to take a “risk sensitive approach.”
- Government departments to utilize Web3 and blockchain technologies.
- Finalize a crypto regulatory framework.
- Balance Finance Promotion rules to account for crypto nuances.
- Accommodate stablecoins usage in the regulatory framework.
- Deliver a sandbox for digital innovations.
- Change the legal framework to include regulations on digital property rights.
- Provide clarity on crypto tax rules.
- Implement decentralized digital IDs.
Armstrong is in the U.K. to speak at U.K. FinTech Week – taking place between April 17 – 21 at the Guildhall in the City of London.
Innovate Finance organizes the event – an independent industry body that seeks to utilize tech innovation as a catalyst for financial services development.