Coinbase CEO Brian Armstrong has stated the new direction of the regulated cryptocurrency exchange. To this end, he maintained that the UK has continued to make strides in terms of implementing the new cryptocurrency regulations.
He has maintained that the UK government has managed to remain stable in its stride to assure the best possible crypto regulations. The CEO also pointed out that US markets are still struggling to incorporate a proper regulatory firestorm.
It is worth mentioning that the NASDAQ-listed company could be working with UK regulators to overcome the difficulties connected to fiat-crypto conversions. On the other hand, he has also touted the role of the UK as the best Web3 innovation platform.
He told the media that cryptocurrency revenues in the UK have remained among the highest-grossing counts. He also talked about MiCA or Markets in Crypto Assets for EU nations that can shape the future licensing framework.
Fraud Control Protection
Coinbase has been talking about moving to the UK on account of the new fraud protection services offered by the local regulators. To this end, the executive has maintained that the banking enterprises in the UK may block fiat payments made to cryptocurrency organizations which can create some issues for them.
He also maintained that the US needs to install some good fraud control measures to make sure that it protects the interest of the crypto investors.
At the same time, he told the media that fraud control measures are better in comparison to blanket bans. He also claimed that the blanket bans are not legal and crypto stakeholders need to improve their education and collaboration on the matter.
At the same time, he believed that the UK was making some important changes to make basic policy shifts. He also claimed that the country is going through a process of political and economic change. These changes can impact their use case and perspective on money when working with the digital economy.
Crypto Adoption in the UK
Speaking about the data projection for crypto growth, Coinbase noted that currently, 22% of adults own some form of cryptocurrency. He also shared that only 28% of the total English crypto owners are planning to make a trade in the next 12 months.
He also maintained that the demand for cryptocurrencies in the region had increased historically. Coinbase also outlined that the UK is working on a new legislative framework that can position the platform as a regional leader.
He also maintained that traditional banking enterprises and tech companies had provided the necessary support for crypto innovations. He explained that banks are currently undertaking a risk-minimizing approach. Several UK administrative units are working in tandem with each other to benefit from the wave of digitization.
He emphasized that the 24-hour cooling period to perform new cryptocurrency transactions should be substituted with education and disclosure.
Tether has remained stable thus far, but its contemporaries in the field, such as TerraUSD, BinanceUSD, and CircleUSD, have already started to dwindle which can lead up to a collapse in the specified market sector.