Coinbase’s CEO, Brian Armstrong, in a tweet on Monday, hinted that his crypto exchange might be looking to pitch its tents elsewhere amidst regulatory uncertainties in the United States.
The CEO dropped the clue when he lauded the UK’s “sensible” crypto regulation, noting he is excited to keep investing in the country.
“Great meeting with the UK Economic Secretary and City Minister. The UK is moving fast on sensible crypto regulation to both drive economic growth and consumer protection. Excited to keep investing in the UK,” he tweeted.
Armstrong hailed the “sensible” approach of UK regulators towards crypto firms, the inverse of what he has done to their US counterparts. The Coinbase CEO has been vocal about the ploy by US regulators to make cryptocurrency extinct in the country. Earlier this year, he called out the Securities and Exchange Commission (SEC) for setting unclear crypto rules and cracking down on digital assets that were not securities.
Coinbase and other crypto exchanges in the US were charged severally by the SEC recently, and Kraken was forced to shut down its crypto staking services. Armstrong noted strongly that crypto staking was not a security, and he would not mind going the legal way to prove that after the Kraken crackdown.
Coinbase Brand’s the UK a Web3 Innovation Hub
Brain Armstrong called out the UK as a Web3 innovation hub, noting that the state’s contributions to the fast-growing technology have stamped its place as a leader in that area. The Coinbase boss made nine recommendations in a blog post about what the UK should fully embrace to cement its position as a Web3 hub.
Amongst the recommendations are that the UK; ensures collaboration between Fintechs and banks to accelerate crypto, quickly establish a regulatory framework, and plan toward adopting decentralized ID (DiD). Coinbase noted that the progress made by the UK to keep a regulated environment is encouraging the crypto industry to test the waters in the country.
The UK Market Is Growing
According to the stats posted by Coinbase in its blog, the UK market is making significant progress in crypto adoption. The statistics state that 22% of adults in the UK have cryptocurrencies, and another 28% are willing to buy them in the next 12 months.
These stats are up because about 84% of adults in the UK believe that the global financial market favors powerful interest rates, and 65% believe that the entire system needs total overhauling. The recent bank failures in the US and growing interest rate hikes attributed to the mental shift among UK residents.
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