Coinbase CEO Brian Armstrong sat down with Andrew Griffith, Treasury Secretary and City Secretary, on Monday to discuss UK regulations. Coinbase has published recommendations to make the country a Web3 hub.
Brian Armstrong visits England
This week, Coinbase CEO Brian Armstrong is visiting the UK for UK Fintech Week. On the sidelines of this event, the interested party met Andrew Griffith, Secretary for the Economy at the Treasury and Minister for the City. Both discussed the country’s regulatory policy :
Great meeting today with UK Economic Secretary and City Minister @griffitha.
The UK is moving fast on sensible crypto regulation to both drive economic growth AND consumer protection. Excited to keep investing in the UK. 🇬🇧 pic.twitter.com/478PQSLmDe
—Brian Armstrong (@brian_armstrong) April 17, 2023
Among the topics discussed, we can cite the case of certain retail banks which block access to the cryptocurrency ecosystem to the British. At the beginning of the year, HSBC particularly stood out in this regard, by prohibiting credit card payments to crypto companies, an approach which could be illegal according to Brian Armstrong:
“Some UK banks are blocking fiat payments to crypto companies which is not acceptable. Good fraud controls make sense, a blanket ban doesn’t (and probably isn’t legal). More education and collaboration are needed. »
For Coinbase, the United Kingdom is of particular economic interest, because according to the platform, 22% of the country’s adult population owns cryptocurrencyand 28% are likely to buy or trade them in the coming year.
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Coinbase’s recommendations to the UK government
Thus, Coinbase issues several recommendations for the United Kingdom to make it a stronghold of the blockchain ecosystem. The exchange, for example, calls for making the City, where the London business district is located, a sandbox for digital innovation like what was done in the 1980s with technologies of the time.
The establishment of clear regulatory and fiscal frameworks is also required. In addition, Coinbase also encourages local government develop decentralized digital identity solutions (dID):
“This includes research into how dIDs can bring benefits in areas such as health and financial services, bringing real improvement to the public in their daily lives. »
Additionally, Coinbase called the UK’s current work on these various topics “incredibly encouraging», a policy that is therefore placed in contrast to the current climate in the United States.
👉 Also in the news — SEC: will DEXs be subject to the same rules as centralized platforms?
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